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In 2014, 15,450 shares were authorized and 7,630 shares of common stock ($54 par value) were issued at a price of $61. In 2015, 1,100 shares were issued as a stock dividend when the stock was selling for $65. 350 shares of common stock were bought in 2016 at a cost of $71 per share. These 350 shares are still in the company treasury. In 2015, 11,080 preferred shares were authorized and the company issued 5,200 of them ($100 par value) at $114. Some of the preferred stock was reacquired by the company and later reissued for $4,710 more than it cost the company. The corporation has earned a total of $615,000 in net income after income taxes and paid out a total of $320,800 in cash dividends since incorporation.
How do I find the PIC for preferred stock?
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