Reference no: EM132780687
Question - McRib Enterprises reported the following information at December 31:
Preferred Stock, $5 par, 10,000 shares authorized $42,000
Additional paid-in capital - preferred stock 10,500
Common stock, $1par, 6,000 shares authorized 4,600
Additional paid-in capital - common stock 9,700
Retained earnings 21,000
Treasury stock, at cost of $4 per share (4,000)
Total $83,800
Required - What is the average selling price for each share of preferred stock?
A. $4.00
B. $5.00
C. $6.50
D. $5.70
E. $6.25
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