In 2019, Fun Company reports $10,000,000 of Net Income in th…
In 2019, Fun Company reports $10,000,000 of Net Income in the current year, after taking out 40% for taxes. They began the year with 1,000,000 shares of common stock. On 7/1/2019 they issue an additional 500,000 shares and on 9/1/2019 they repurchase 300,000 shares. Fun Company has 100,000 shares of $100 par, 10% cumulative preferred stock and while they pay no cash dividends in the current year they did pay a 50% stock dividend on 8/1/2019 to their common shareholders. What is the income available to common shareholders in 2019?