Vortex Corp

question 35

Essay

Vortex Corp. has 250,000 shares of common stock authorized. The company issued 85,000 shares and reacquired 9,000 of those shares as treasury stock. The board of directors subsequently declared a cash dividend of $6 per share.
Required:
What is the total amount of dividends that were declared?

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Definitions:

Auxiliary Section

A supplementary part of a device, machine, or system serving an additional or secondary function.

Covert Code

A hidden or secret code used for secure communication.

Electric Shifter Assembly

A system that uses electrical signals to change gears in a vehicle, replacing mechanical linkage with electronic controls.

Fault Code

A condition failure code logged to computer memory and often broadcast onto the vehicle data bus. Classified as active or historic/inactive, fault codes are assigned one of twelve failure mode indicators (FMIs) for purposes of diagnosing system conditions and recording to audit trails.