Using the following information, calculate the Common Stock and the Preferred Stock:

INFORMATION

Stock Situation:

The company has 650,000 outstanding Common Stock shares (valued at $10/share). The company anticipates paying out dividends of $1.25/share in May 2023. There are currently 50,000 preferred stock shares outstanding. They are valued at $35/share.

Stock Sale:

The company intends to sell its final 50,000 shares of common stock at $20/share to raise capital for its purchase of the lumberyard. They expect the issue to sell out within 60 days of being offered on May 2 nd. 75% of the purchases are expected to be made in the first month and the remaining purchases are expected to be made in June. The company chosen May as the launch date because the spring and summer are the times that are traditionally the highest revenue generating months. The issuance of stock does not result in the company being taxed on the funds it receives.

Balance Sheet
Make It So Kitchens & Cabinets
For the Year Ending December 31, 2022
Stockholder's Equity:
Common Stock	? - Solve this Value
Preferred Stock	? - Solve this Value
Retained Earnings (Fiscal 2022)	$975,000