Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout 20Y6, the current year. It is also declaring a stock dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consultant to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock: common stock and cumulative preferred stock. You've been able to retrieve the following information so far: Number of common shares authorized 800,000 Number of common shares issued 650,000 Par value of common shares $20 Par value of cumulative preferred shares $30 $7,000,000 Paid-in capital in excess of par-common stock Paid-in capital in excess of par-preferred stock Total retained earnings before the stock dividend is declared $0 $33,500,000 No treasury shares have been reissued. Total Cash Dividends Year Preferred Dividends Total Per Share $40,000 $0.20 72,000 0.36 Common Dividends Total Per Share $0 $0.00 0 0.00 20Y1 $40,000 72,000 20Y2 20Y3 0.34 45,000 0.09 113,000 135,000 2074 68,000 60,000 60,000 0.30 75,000 0.15 20Y5 150,000 0.30 90,000 0.18 20Y6 210,000 60,000 0.30 150,000 0.30 The accounting manager for the company prepared the schedule of cash dividends paid from 20Y1 to 20Y6 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 you've collected 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? Fill in the missing information in the following table, using the information given and your work on the other panels. Al "before" items are before the stock dividend was declared. All "after" items are after the stock dividend was declared and closing entries were recorded at the end of the year. Total paid-in capital before the stock dividend $ Total retained earnings before the stock dividend 33,500,000 Total stockholders' equity before the stock dividend $ Total paid-in capital after the stock dividend $ Total retained earnings after the stock dividend Total stockholders' equity after the stock dividend $
