Murderer of Love began operations on 1/1/2016. All shares of common and preferred stock were issued on that date. The following information relates to the company as of December 31, 2018:

Balance sheet info 2018

Preferred Stock, Cumulative, Par $5,10% dividend rate $160,000

Additional pain in capital- Preferred stcok 40,000

Common stock par $2 400,000

Additional pain in capital- common stock 3,024,000

Treasury Stock- 1,000 shares repurchased during 2016 (20,000)

Beginning Retained Earnings balance ( as of Jan. 1, 2018) 180,000

Income statement Info 2018

Net income 414,000

During 2018, Murderer of Love declared and paid a cash dividend of $60,000. The only other dividend the company has ever issued was a $20,000 cash dividend declared and paid during 2016.

Required (1): What should be the companys ending retained earnings balance (as of December 31, 2018)? Answer below.

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Question 2

Required (2): How many shares of common stock were issued on 1/1/16?

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Question 3

Required (3): How many shares of common stock are outstanding as of December 31, 2018?

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Question 4

Required (4): How much did Murderer of Love receive per share when the preferred stock was issued?

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Question 5

Required (5): How much of the cash dividend declared and paid in 2018 was paid to common stockholders?

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Question 6

Required (6): What is Murderer of Love's earnings per share for the year ended December 31, 2018?

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