Chapter 8: In-class Problem Francis, Inc., has the following stockholders' equity section in its November 30,2016, balance sheet: Paid-in capital: 12% preferred stock, S60 par value, 1,000 shares authorized, issued, and Common stock, $8 par value, 50,000 shares authorized shares Additional paid-in capital on common stock outstanding 20,000 issued, shares outstanding Additional paid-in capital from treasury stock Retained earnings 270,000 6,500 48,500 (9.000) Less: Treasury stock, at cost (1,000 shares of common) Total stockholders' equity a. Calculate the amount of the total annual dividend requirement on preferred stock. b. Calculate the amount that should be shown on the balance sheet for preferred stock. e. Calculate the number of shares of common stock that are issued and the number of shares of common stock that are outstanding. d. On January 1, 2016, the firm's balance sheet showed common stock of $105,000 and additional paid-in capital on common stock of $234,375. The only transaction affecting these accounts during 2016 was the sale of some common stock. Calculate the number of shares that were sold and the selling price per share. Describe the transaction that resulted in the additional paid-in capital from treasury stock. e. f The retained earnings balance on Jan uary 1, 2016, was $45.150. Net income for the past Calculate the amount of dividends on common stock during the first 11 months has been $12,000. Preferred stock dividends for all of 2016 have been declared and paid. II months of 2016