Reference no: EM131211238
Billy Co. began business in Year1. Billy, Co. showed the following stockholders equity section at December 31, Year2 (with certain information missing). All accounts have normal balances.
Preferred stock, 6%, cumulative, par $50
10,000 shares authorized,
shares issued and outstanding
----> $ 50,000
Common stock , par ???
80,000 shares authorized
30,000 shares issued and 28,000 shares outstanding
------> $ 300,000
Contributed capital in excess of par, common stock
-------> $ 510,000
Retained earnings
-----> $ 682,000
------> Treasury stock (common)
$ 40,000
How many shares of preferred stock were issued and outstanding on 12/31/Year2?
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