The balance sheet of Lamont Bros. follows: 

ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY 

Current assets $ 85,000 

Current liabilities $ 52,000 

Noncurrent assets 315,000 

Long-term note payable 35,000 

Preferred stock 50,000 

Common stock 80,000 

Additional paid-in capital: 

Preferred stock 50,000 

Common stock 100,000 

Retained earnings 113,000 

Less: Treasury stock (80,000) 

Total assets $400,000 

Total liabilities and shareholders' equity $400,000 

1. a. What portions of Lamont's assets were provided by debt, contributed capital, and earned capital? Reduce contributed capital by the cost of the treasury stock. 

2. b. Compute the company's debt/equity ratio. Compute the debt/equity ratio if the preferred stock issuance was classified as a long-term debt. 

3. c. In most states, to what dollar amount of dividends would the company be limited?