Number of common shares authorized 900,000

Number of common shares issued 600,000

Par value of common shares $20

Par value of cumulative preferred shares $30

Paid-in capital in excess of par-common stock $7,000,000

Paid-in capital in excess of par-preferred stock $0

Total retained earnings before the stock dividend is declared $33,500,000

Total Cash Preferred Dividends Common Dividends Year Dividends Total Per Share Total Per Share

2011 20,000 20,000 0.20 0 0.00

2012 36,000 36,000 0.36 0 0.00

2013 88,000 34,000 0.34 54,000 0.09

2014 120,000 30,000 0.30 90,000 0.15

2015 138,000 30,000 0.30 108,000 0.18

2016 210,000 30,000 0.30 180,000 0.30

The accounting manager for the company prepared the schedule of cash dividends paid over the period 2011-2016 on the Pranks, Inc. panel. However, one of the reasons for Pranks, Inc.s missing information is that the manager is away on vacation and is unreachable by phone, because he is backpacking on a remote island that does not have cell phone reception. Management would like you to determine some information from the data youve collected regarding its outstanding stock. Fill in the answers below.

How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par?