Reference no: EM132478398
Question - A corporation reports the following stockholders' equity as of December 31, 2008.
Preferred stock, $50 par, 10% cumulative, 100,000 shares authorized, 90,000 shares issued $4,500,000
Paid-in capital in excess of par - Preferred 945,000
Common stock, $10 par, 200,000 shares authorized, 200,000 shares issued 2,000,000
Paid-in capital in excess of par - common 800,000
Total paid-in capital 8,245,000
Retained earnings 3,400,000
Total stockholders' equity $11,645,000
Required -
a. What was the average issue price per share of common stock?
b. What was the average issue price per share of preferred stock?
c. The board of directors declares dividends of $1,900,000 in 2008. No dividends were declared in 2007 and there were no dividends in arrears prior to 2007. What is the amount per share each class of stock will receive?
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