Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help fill out CREIGHTON COMPANY As of December 31, Year3 Stockholders' equity Preferred stock, $10 stated value, 7% cumulative, 300 shares authorized, 50 issued
Please help fill out
CREIGHTON COMPANY As of December 31, Year3 Stockholders' equity Preferred stock, $10 stated value, 7% cumulative, 300 shares authorized, 50 issued and outstanding Common stock, $10 par value, 250 shares authorized, $ 500 1,000 3,000 100 issued and outstanding Common stock, class B, $20 par value, 400 shares authorized, 150 issued and outstanding Common stock, no par, 150 shares authorized, 100 issued and outstanding Paid-in capital in excess of stated value-preferred Paid-in capital in excess of par value-common Paid-in capital in excess of par value-class B common Retained earnings Total stockholders' equity 2,200 600 1,200 750 7,000 $ 16,250 Required a. Assuming the preferred stock was originally issued for cash, determine the amount of cash collected when the stock was issued b. Based on the class B common stock alone, determine the amount of the company's legal capital c. Based on the class B common stock alone, determine the minimum amount of assets that must be retained in the company as protection for creditors d. Determine the number of shares of class B common stock that are available to sell as of December 31, Year 3 e. Assuming Creighton purchases treasury stock consisting of 25 shares of its no par common stock on January 1, Year 4, determine the amount of the no-par common stock that would be outstanding immediately after the purchase f-1. Based on the stockholders' equity section shown earlier, can you determine the market value of the preferred stock? f-2. If yes, what is the market value of one share of this stock? a. Cash collected on issue b. Company's legal capital c. Amount of assets to be retained d Class B common stock available to sell e. Number of Shares of stock outstanding f-1. Market value can be determined by analyzing the stockholders' equity section f-2.Market value of one share of the stock shares sharesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started