The stockholders’ equity section of Velcro World is presented here.
VELCRO WORLD
Balance Sheet (partial)
($ and shares in thousands)
Stockholders’ equity:
Preferred stock, $1 par value ........ $ 6,000
Common stock, $1 par value ........ 30,000
Additional paid-in capital ........... 1,164,000
Total paid-in capital ............. 1,200,000
Retained earnings .............. 288,000
Treasury stock, 11,000 common shares .... (352,000)
Total stockholders’ equity ......... $1,136,000

Required:
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?
2. How many shares of common stock have been issued?
3. If the common shares were issued at $30 per share, at what average price per share were the preferred shares issued?
4. If retained earnings at the beginning of the period was $250 million and $30 million was paid in dividends during the year, what was the net income for the year?
5. What was the average cost per share of the treasury stock acquired?