The following items were shown on the balance sheet of McDonnell Corporation on December 31, 2018:

Common shares, no par value, unlimited number of shares authorized; ______ shares issued= $1050000

$2 Preferred shares, no par value, cumulative, 20,000 shares authorized, 6,000 shares issued = 120,000

Total Share Capital$1,320,000

Retained Earnings$540000

Instructions

Complete the following statements and show your calculations.All of the common shares were issued at $5 per share.

(a) The number of common shares issued was _______________.

(b) The preferred shares dividend was $____________ per share.

(c) If a $350000 dividend was declared, common stockholders would receive a dividend of ____________.

(d) The average issue price of the preferred shares was $_____________.

(e) The total amount of cash and other assets paid to McDonnell Corporation in exchange for share capital, at December 31, 2018 was $______________.