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The stockholders' equity section of Blossom Company at December 31 is as follows. Blossom Company Balance Sheet (Partial) Pald-in capital Preferred stock, cumulative, 14,000 shares
The stockholders' equity section of Blossom Company at December 31 is as follows. Blossom Company Balance Sheet (Partial) Pald-in capital Preferred stock, cumulative, 14,000 shares authorized, 9,800 shares issued and outstanding Common stock, no par, 710,000 shares authorized, 550,000 shares issued Total paid in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (10,000 common shares) Total stockholders' equity $490,000 1,100,000 1.590,000 1.858.000 3.448.000 56,000 $3,392,000 From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. (a) How many shares of common stock are outstanding? shares (h) Assuming there is a stated value, what is the stated value of the common stock? per share (c) What is the par value of the preferred stock? (d) If the annual dividend on preferred stock is $49,000, what is the dividend rate on preferred stock? $ $ per share le) If dividends of $98,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? $
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