Just after its formation on September 1, 2019, the ledger accounts of the Ducks, Inc., contained the following balances: Accrued Expenses Payable Accounts Payable Accounts Receivable Allowance for Doubtful Accounts Building Cash Common Stock ($20 par) Common Stock Subscribed Furniture and Fixtures Merchandise Inventory Notes Payable-Short Term Paid-in Capital in Excess of Par Value-Common Paid-in Capital in Excess of Par Value-Preferred Preferred Stock (10%, $50 par) Preferred Stock Subscribed (10%, $50 par) Subscriptions Receivable-Common Stock Subscriptions Receivable-Preferred Stock $ 4,000 7,000 53,000 4,000 300,000 32,000 400,000 40,000 55,000 79,000 5,000 44,000 5,000 50,000 25,000 40,000 25,000 The corporation is authorized to issue 100,000 shares of $20 par-value common stock and 20,000 shares of 10 percent, $50 par- value preferred stock (noncumulative and nonparticipating). Required: 1. Answer the following questions: a. How many shares of common stock are outstanding? b. How many shares of common stock are subscribed? c. How many shares of preferred stock are outstanding? d. How many shares of preferred stock are subscribed? e. At what average price has common stock been subscribed or issued? f. Assume that no dividends are paid in the first year of the corporation's existence. What are the rights of the preferred stockholders? g. Assuming that all of the Paid-in Capital in Excess of Par Value-Common was applicable to the shares of common stock tha have been subscribed but not yet issued, what was the subscription price per share of the common stock subscribed? 2. Prepare a classified balance sheet for the corporation just after its formation on September 1, 2019. Analyze: What is the current ratio for the corporation at September 1. 2019? a. How many shares of common stock are outstanding? b. How many shares of common stock are subscribed? c. How many shares of preferred stock are outstanding? d. How many shares of preferred stock are subscribed? Average Price Choose Denominator: Choose Numerator: Average Price Average price Subscription Price Choose Denominator: Choose Numerator: 1 = = Subscription Price Subscription Price DUCKS, INC. Balance Sheet September 1, 2019 Assets Current assets Total current assets Property, Plant, and Equipment Total Property, Plant, and Equipment Total assets Liabilities and Stocknolders' Equity Current liabilities Total current liabilities Stockholders' equity Preferred stock Common stock Total stockholders' equity Total liabilities and stockholders' equitv Current ratio to