10 May WHAT IS THE PAR VALUE OF THE PREFERRED STOCK?
The stockholders’ equity section of MaiStyle Corporation’s balance sheet at December 31 is presented here.Stockholders’ equity Paid-in capitalMAISTYLE CORPORATION Balance Sheet (partial)Preferred stock cumulative 10 000 shares authorized 6 000 shares issued and outstandingCommon stock no par 750 000 shares authorized 600 000 shares issuedTotal paid-in capital Retained earningsTotal paid-in capital and retained earnings Less: Treasury stock (8 000 common shares)Total stockholders’ equityInstructions$ 900 0001 800 0002 700 000 1 158 0003 858 000 (32 000)$3 826 000From a review of the stockholders’ equity section answer the following questions.(a) How many shares of common stock are outstanding?(b) Assuming there is a stated value what is the stated value of the common stock?(c) What is the par value of the preferred stock?(d) If the annual dividend on preferred stock is $36 000 what is the dividend rate on preferred stock?(e) If dividends of $72 000 were in arrears on preferred stock what would be the bal- ance reported for retained earnings?
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