E8-7A. Analyze equity section of balance sheet. (LO l, 2)
Jazz Company had the following stockholders’ equity section on the December 31, 2007, balance sheet
| Preferred stock, 8%, $100 par, cumulative | $1,250,000 |
| Common stock, $2 par value | 800,000 |
| Paid-in capital in excess of par, common stock | 3,500,000 |
| Retained earnings | 3,461,000 |
| Total | $9,017,000 |
a. How many shares of common stock are classified as issued?
b. How many shares of common stock are outstanding?
c. How many shares of preferred stock are outstanding?
d. What was the average selling price of a share of common stock?
e. If $150,000 of dividends was declared and there were no dividends in arrears, how much of the dividend would go to the common shareholders
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