Dividends on common stock
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Kimm Inc had net income for 2004 of $6,360,000 and earnings per share on common stock of $5. Included in the net income was $900,000 of bond interest expense related to its long term debt. The income tax rate for 2004 was 30%. Dividends on preferred stock were $1,200,000. the payout ratio on common stock was 25%. What were the dividends on common stock in 2004?
a. $1,447,500
b. 1,935,000
c. 1,290,000
d. 1,590,000
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The solution explains how to determine the dividends on common stock
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