The equity section of Ahab SA at December 31 is as follows.

Instructions From a review of the equity section, as chief accountant, write a memo to the president of the company answering the following questions.

a. How many ordinary shares are outstanding?

b. Assuming there is a stated value, what is the stated value of the ordinary shares?

c. What is the par value of the preference shares?

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Equity Ahab SA Statement of Financial Position (partial) Share capital preference, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding Share capital-ordinary, no par, 750,000 shares authorized, 600,000 shares issued Retained earnings Less: Treasury shares-ordinary (75,000 shares) Total equity 300,000 1,200,000 1,858,000 75,000 3,283,000