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Pranks. Inc is a manufacturer of joke and novelty products for perpetrators of practical jokes The corporation has paid several cash dividends throughout 20V6. the current year. It is also declaring a stork dMidend to its stockholders as the calendar year-end approaches Votive been brought in as a consultant to assist with this process. and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of clock common stork and cumulative preferred stork.
cumulative preferred stork.
You've been able to retrieve the following information so far:
Number of common shares authorized
800.000
Number of common shares issued
650.000
Par value 01 common snares
$20
Par value of cumulative preferred shares
S30
Paid-in cepa in excess of par-common stock
57.000.000
Paid-in capital in excess of par-preferred clock
$0
Total retained earnings before tne stock dividend is declared
533.500.000
No treasury shares have been reissued.
20Y1
530.000
$0.20
SO
$0 .00
20Y2
54.000
0.36
0
0 00
20Y3
87.000
51.000
0.34
36.000
009
20Y4
105,000
45,000
0.30
60.000
0 15
20Y5
117.000
45.000
72.000
0.18
20V6
165.000
120.000
0 30
The accounting manager for the company prepared the schedule of cash dividends paid from 20Y1 to 20Y6 on the Pranks. Mc panel. However one of the reasons for Pranks. Inc s missing intormabon ts that the manager is away on vacation and is unreachable by phone. because he is backpacking on a remote island that does not have cell phone reception Management would like you to determine some information from tne data you've collected regarding 15 outstanding stock. Question 1: How many shares of common stock are outstanding? How many shares of preferred stock are outstanding, What is the preferred dividend as a percent of par
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