When Crossett Corporation was organized in January, Year 1, itimmediately issued 4,100 shares of $45 par, 5 percent, cumulativepreferred stock and 8,500 shares of $6 par common stock. Itsearnings h When Crossett Corporation was organized in January, Year 1, it immediately issued 4,100 shares of \( \$ 45 \) par, 5 percent, cumulative referred stock and 8,500 shares of \( \$ 6 \) par common stock. 2 answers