LEYLAND CORPORATION Balance Sheet (partial)

Stockholders equity Paid-in capital Preferred stock, cumulative, 9,000 shares authorized, 5,400 shares issued and outstanding

$ 556,200 Common stock, no par, 769,267 shares authorized, 594,900 shares issued 2,379,600

Total paid-in capital 2,935,800

Retained earnings 1,192,100

Total paid-in capital and retained earnings 4,127,900

Less: Treasury stock (5,340 common shares) (28,480 )

Total stockholders equity $4,099,420

b) Assuming there is a stated value, what is the stated value of the common stock?

(c) What is the par value of the preferred stock?

(d) If the annual dividend on preferred stock is $33,372, what is the dividend rate on preferred stock?

(e) If dividends of $75,900 were in arrears on preferred stock, what would be the balance reported for retained earnings?