Question
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Contributed CapitalPreferred Stock (par $20; authorized 10,000 shares,
The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts:
Contributed CapitalPreferred Stock (par $20; authorized 10,000 shares, ? issued,of which 1,000 shares are held as treasury stock)$108,000Additional Paid-in Capital, Preferred15,390Common Stock (no-par; authorized 20,000 shares, issued andoutstanding 6,200 shares)632,400Retained Earnings32,000Treasury Stock, 1,000 Preferred shares at cost9,600
Assume that no shares of treasury stock have been sold in the past.
Required:Complete the following statements.(Decreases should be indicated by a minus sign. Round per share to 2 decimal places.)
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