Problem 1:

The stockholders' equity section of the balance sheet of Benson Corporation (with certain details omitted) appears below:

Stockholders' equity: 6% preferred stock, $100 par, 50,000 shares authorized and issued, ?? shares issued $700,000 Common Stock, $25 par, 50,000 shares authorized, ?? shares issued 625,000 Additional paid-in capital: Preferred stock 35,000 Common stock 375,000 Total paid-in capital $1,735,000 Retained earnings 740.000 Total stockholders' equity $2.475.000