Homework answers / question archive / The Grand Terminal Corporation had the following classes of shares outstanding as of December 31, 20x5 :   Ordinary shares, P20 par value, 20,000 shares outstanding Preference shares, 8 percent, P100 par value, cumulative, 2,000 shares outstanding   No dividends were paid on preference shares for the year 20x3 and 20x4

The Grand Terminal Corporation had the following classes of shares outstanding as of December 31, 20x5 :   Ordinary shares, P20 par value, 20,000 shares outstanding Preference shares, 8 percent, P100 par value, cumulative, 2,000 shares outstanding   No dividends were paid on preference shares for the year 20x3 and 20x4

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The Grand Terminal Corporation had the following classes of shares outstanding as of December 31, 20x5 :

• Ordinary shares, P20 par value, 20,000 shares outstanding
• Preference shares, 8 percent, P100 par value, cumulative, 2,000 shares outstanding

No dividends were paid on preference shares for the year 20x3 and 20x4. On December 31, 20x5, a total of P200,000 cash dividend was declared.

Compute the amount of dividends payable for prefence shares.