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How many shares of preferred stock should issued to Schuler

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Question - Robert Schuler, the owner of a sole proprietorship, is planning to incorporate his business. His capital account has a balance of $80,000 after revaluation of the assets. His cash account totals $30,000. He will receive 10%, $15 par-value preferred stock with a total value equal to the cash transferred. The balance of his capital is to be exchanged for shares of $20 par-value common stock with a total par value equal to the remaining capital.

Required -

1. How many shares of preferred stock should be issued to Schuler?

2. How many shares of common Schuler?

Reference no: EM132521105

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