12. Concord Corporation has outstanding 574000 shares of $2 par common stock and 121000 shares of no-par 5% preferred stock with a stated value of $5. Dividends have been paid in every year except the past two years and the current year. Assuming that $265000 will be distributed, and the preferred stock is cumulative and participating, how much will the common stockholders receive?

$ 60500.

$131028.

$133972.

$174326.

13. At its date of incorporation, Sheridan Company issued 105000 shares of its $10 par common stock at $11 per share. During the current year, Sheridan acquired 18200 shares of its common stock at a price of $16 per share and accounted for them by the cost method. Subsequently, these shares were reissued at a price of $12 per share. There have been no other issuances or acquisitions of its own common stock. What effect does the reissuance of the stock have on the following accounts

Retained Earnings

Additional Paid-in Capital

Decrease

No effect

No effect

No effect

Decrease

Decrease

No effect

Decrease