Shown below is information relating to the stockholders' equity of Reeve Corporation as of December 31, Year 1:

5.5% cumulative preferred stock, $100 par value; authorized, ?? shares; issued and outstanding, ?? shares	$ 1,000,000
Common stock, $10 par value; authorized, 360,000 shares; issued and outstanding, 140,000 shares	1,400,000
Additional paid-in capital: Common stock	140,000
Retained earnings (Deficit)	(70,000)
Dividends in arrears	55,000

How many shares of preferred stock are issued and outstanding?

Multiple Choice

• 100,000 shares

• 10,000 shares

• 14,000 shares

• 36,000 shares

At the beginning of the current year, Elite Corporation had 260,000 shares of $1 par common stock outstanding and had retained earnings of $5,400,000. During the year, the company earned $1,735,000, declared a 10% stock dividend when the price of stock was $28 per share, and paid a year-end cash dividend of $3 per share. (The cash dividend was paid after the stock dividend had been distributed.) What was Elite Corporation's retained earnings at the end of the year?

Multiple Choice

• $5,549,000

• $3,814,000

• $6,407,000

• $5,621,800

At the beginning of the current year, Wilson Corporation had 160,000 shares of $1 par common stock outstanding and had retained earnings of $4,400,000. During the year, the company earned $1,635,000 and paid a year-end cash dividend of $4 per share. What was Wilson Corporation's retained earnings at the end of the year?