The stockholders equity section of Velcro World is presented here.

Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands.

1. How many shares of preferred stock have been issued? (Enter you answer in total number of shares, not in thousands.)

Number of shares: ___

2. How many shares of common stock have been issued? (Enter you answer in total number of shares, not in thousands.)

Number of shares: ___

3. If the common shares were issued at $20 per share, at what average price per share were the preferred shares issued?

Preferred shares issues price: ___ per share.

4. If retained earnings at the beginning of the period was $240 million and $20 million was paid in dividends during the year, what was the net income for the year? (Enter your answer in million (i.e., 5,000,000 should be entered as 5).) Net income: ___ million.

5. What was the average cost per share of the treasury stock acquired?

Average cost: ___ per share.

VELCRO WORLD Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock, 10,000 common shares Total stockholders' equity 5,000 20,000 575,000 600,000 278,000 (220,000) $658,000 $