The stockholders” equity section of Traylor Corporation”s balance sheet at December 31 is presented here.
| TRAYLOR CORPORATION | |
| Stockholders” equity | |
| Paid-in capital | |
| Preferred stock, cumulative, 10,000 shares authorized, | |
| 6,000 shares issued and outstanding | $ 600,000 |
| Common stock, no par, 750,000 shares authorized, | |
| 580,000 shares issued | 2,900,000 |
| Total paid-in capital | 3,500,000 |
| Retained earnings | 1,158,000 |
| Total paid-in capital and retained earnings | 4,658,000 |
| Less: Treasury stock (6,000 common shares) | (32,000) |
| Total stockholders” equity | $4,626,000 |
Instructions
From 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 balance reported for retained earnings?
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