Calculator Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. Number of common shares authorized 800,000 Number of common shares issued Par value of common shares Par value of cumulative preferred shares Paid-in capital in excess of par-common stock $7,000,000 Paid-in capital in excess of par-preferred stock $0 Total retained earnings before the stock dividend is declared $33,500,000 No treasury share have been reissued. 650,000 Les $30 Preferred Dividends Common Dividends Total Per 2 Year Year 1 Per Share 0.20 8 Total 30,000 54,000 51,000 8 Year 2 Total Cash Dividends 30,000 54,000 105,000 135,000 153,000 225,000 8 Year 3 Year 4 45,000 45,000 45,000 Year 6 Check My Work Email Instructor Save and Exit Submit Assignment for Grading 2 W3x7 Tear 3 105,000 Year 135,000 54,000 90,000 4000 51,000 45,000 45,000 45,000 0.15 Year 5 Year 6 0.18 153,000 225,000 108,000 0.3 180,000 03 Cash Dividends The accounting manager for the company prepared the schedule of cash dividends paid from Year 1 to Year 6 on the Pranks, Inc. panel. However, one of the reasons for Pranks, Inc.'s missing Information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data you've collected regarding its outstanding stock Fill in the following answers. How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par