Analyze equity section of balance sheet. (LO 1, 2) Market Street Music Corporation had the following stockholders'
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Analyze equity section of balance sheet. (LO 1, 2)
Market Street Music Corporation had the following stockholders' equity section on the December 31, 2007, balance sheet.
a. How many shares of common stock are classified as issued?
b. How many shares of common stock are outstanding?
c. How many shares of preferred stock are outstanding?
d. What was the average selling price of a share of common stock?
e. If \(\$ 175,000\) of dividends was declared and there were \(\$ 35,000\) dividends in arrears, how much of the dividend would go to the common shareholders?
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