The year-end balance sheet of Ft. Smith Products includes the following stockholders' equity section (with certain details omitted):

Stockholders' equity:
7% cumulative preferred stock, $100 par value, 100,000 shares authorized	$	2,500,000
Common stock, $2 par value, 900,000 shares authorized		900,000
Additional paid-in capital: common stock		7,200,000
Retained earnings		2,595,000
Total stockholders' equity	$	13,195,000

Instructions

From this information, compute answers to the following questions:

a.	How many shares of preferred stock have been issued?

Number of shares of preferred stock____

b.	What is the total amount of the annual dividends paid to preferred stockholders? (Round intermediate calculations to 2 decimal places.)

Annual prefferred stock dividend $______

c.	How many shares of common stock are outstanding?

Number of shares of common stock $_____

d.	What was the average issuance price per share of common stock? (Round your answers to 2 decimal places.)

Average issuance price $_____ per share.

e.	What is the amount of legal capital?

Legal capital $________

f.	What is the total amount of paid-in capital?

Paid-in capital $_______

g.	What is the book value per share of common stock? (There are no dividends in arrears.) (Round your answers to 2 decimal places.)

Book value per share $______

h.

Assume that retained earnings at the beginning of the year amounted to $717,500 and that net income for the year was $3,970,000. What was the dividend declared during the year on each share of common stock? (Hint: Net income increases retained earnings, whereas dividends decrease retained earnings.) (Round your answers to 2 decimal places.)

Dividend of common stock $_____ per share