Exercise 8-5 Characteristics of capital stock LO 8-2 The stockholders equity section of Creighton Companys balance sheet is shown as follows. CREIGHTON COMPANY As of December 31, 2018 Stockholders equity Preferred stock, $10 stated value, 7% cumulative, 300 shares authorized, 50 issued and outstanding $ 500 Common stock, $10 par value, 250 shares authorized, 100 issued and outstanding 1,000 Common stock, class B, $20 par value, 400 shares authorized, 150 issued and outstanding 3,000 Common stock, no par, 150 shares authorized, 100 issued and outstanding 2,200 Paid-in capital in excess of stated valuepreferred 600 Paid-in capital in excess of par valuecommon 1,200 Paid-in capital in excess of par valueclass B common 750 Retained earnings 7,000 Total stockholders equity $ 16,250 Required Assuming the preferred stock was originally issued for cash, determine the amount of cash that was collected when the stock was issued. Based on the class B common stock alone, determine the amount of the companys legal capital. 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. Determine the number of shares of class B common stock that are available to sell as of December 31, 2018. Assuming Creighton purchases treasury stock consisting of 25 shares of its no par common stock on January 1, 2019, determine the amount of the no-par common stock that would be outstanding immediately after the purchase. Based on the stockholders equity section shown above, can you determine the market value of the preferred stock?