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Question - Given
Balance Sheet (partial)
Stockholders' equity
Paid-in capital
Preferred stock, cumulative, 9,000 shares authorized, 5,400 shares issued and outstanding
$556,200
Common stock, no par, 755,000 shares authorized, 585,000 shares issued
2,925,000
Total paid-in capital
3,481,200
Retained earnings
1,150,000
Total paid-in capital and retained earnings
4,631,200
Less: Treasury stock (6,800 common shares)
36,300
Total stockholders' equity
$4,594,900
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 $44,496, what is the dividend rate on preferred stock?
(e) If dividends of $78,900 were in arrears on preferred stock, what would be the balance reported for retained earnings?
(a) Prepare a 2010 retained earnings statement for McEntire Corporation. (Enter all amounts as positive amounts and subtract where necessary.)
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