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The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.
Common Stock ($10 stated value)
$1,500,000
Paid-in Capital from Treasury Stock
6,000
Paid-in Capital in Excess of Stated Value-Common Stock
690,000
Paid-in Capital in Excess of Par Value-Preferred Stock
288,400
Preferred Stock (8%, $100 par, noncumulative)
400,000
Retained Earnings
776,000
Treasury Stock-Common (8,000 shares)
88,000
Instructions
(a) Prepare a stockholders' equity section at December 31, 2011.
(b) Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share.
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