How many shares of preferred stock are issued and outstanding?

Multiple Choice

• 100,000 shares

• 10,000 shares

• 14,000 shares

• 36,000 shares

At the beginning of the current year, Elite Corporation had 260,000 shares of $1 par common stock outstanding and had retained earnings of $5,400,000. During the year, the company earned $1,735,000, declared a 10% stock dividend when the price of stock was $28 per share, and paid a year-end cash dividend of $3 per share. (The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year?

Multiple Choice

• $5,549,000

• $3,814,000

• $6,407,000

• $5,621,800