Exercise $8-5$B Characteristics of capital stock

The stockholders' equity section of Creighton Company's balance sheet is shown as follows.

CREIGHTON COMPANY

As of December $31,$ Year $1$

Stockholders' equity

Preferred stock, $$10$ stated value, $7\%$ cumulative, $300$ shares authorized, $50$ issued and outstanding

Common stock, $$10$ par value, $250$ shares authorized, $100$ issued and outstanding

Common stock, class B$,$ $$20$ par value, $400$ shares authorized, $150$ issued and outstanding

Common stock, no par, $150$ shares authorized, $100$ issued and outstanding

Paid$-$in capital in excess of stated value$-$preferred

Paid$-$in capital in excess of par value$-$common

Paid$-$in capital in excess of par value$-$class B common

Retained earnings

Total stockholders' equity

Required

a$.$ Assuming the preferred stock was originally issued for cash, determine the amount of cash that was collected when the stock was issued.

b$.$ Based on the class B common stock alone, determine the amount of the company's legal capital.

c$.$ Based on the class B common stock alone, determine the minimum amount of assets that must be retained in the company as protection for creditors.

d$.$ Determine the number of shares of class B common stock that are available to sell as of December $31,$ Year $1.$

e$.$ Assuming Creighton purchases treasury stock consisting of $25$ shares of its no par common stock on January $1,$ Year $2,$ determine the amount of the no$-$par common stock that would be outstanding immediately after the purchase.

f$.$ Based on the stockholders' equity section shown above, can you determine the market value of the preferred stock? If yes, what is the market value of one share of this stock?