The following items were shown on the balance sheet of McKean Corporation on December 31, 2011:

Shareholders' Equity

Share Capital

Common shares, no par value, unlimited number of shares

authorized; ______ shares issued.................................................................. $1,200,000

$2 preferred shares, no par value, redeemable at $120, cumulative,

20,000 shares authorized, 6,000 shares issued............................................. 120,000

Total share capital .................................................................................... 1,320,000

Retained Earnings ............................................................................................... 500,000

Total shareholders' equity .............................................................................. $1,820,000

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)It would cost the company $____________ to reacquire 1,000 preferred shares.

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

(e)The total amount of cash and other assets paid to McKean Corporation in exchange for share capital, at December 31, 2011 was $______________.