Reference no: EM132843035
Question - The stockholders' equity section of Blossom Company's balance sheet at December 31 is presented here.
Blossom Company Balance Sheet (partial)
Stockholders' equity
Paid-in capital
Preferred stock, cumulative, 14,000 shares authorized, 9,800 shares issued and outstanding $980,000
Common stock, no par, 710,000 shares authorized, 550,000 shares issued 2,750,000
Total paid-in capital 3,730,000
Retained earnings 1,858,000
Total paid-in capital and retained earnings 5,588,000
Less: Treasury stock (10,000 common shares) 56,000
Total stockholders' equity $5,532,000
Required - 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 $98,000, what is the dividend rate on preferred stock?
(e) If dividends of $ 196,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?
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