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Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. regarding its outstanding stock. Fill in the following answers. 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? % Feedback Check My Work Review the definitions of the items, and the amounts that are included in their computation. Additional Questions 1. After completing the Cash Dividends panel, answer the following question. 1. After completing the Cash Dividends panel, answer the following question. Does Pranks, Inc. have any treasury stock? How can you tell? Yes, because the number of shares issued is qreater than the number of shares outstanding. 2. In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? a. Year 1 b. Year 2 c. Year 3 d. Year 4 e. Year 5 f. Year 6 Feedback Check My Work 1. Review the definitions and relationships between authorized, issued, and outstanding shares of stock. Stock Dividend the actual distribution date of the stock, December 31. the actual distribution date of the stock, December 31. was declared and closing entries were recorded at the end of the year