The year-end balance sheet of Mirror, Inc., includes the following stockholders' equity section (with certain details omitted):

Question:

The year-end of Mirror, Inc., includes the following stockholders' equity section (with certain details omitted):
Stockholders' equity:
10% cumulative preferred stock, $100 par value,
authorized 100,000 shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,400,000
Common stock, $2 par value, authorized 2,000,000 shares . . . . . . . . . . . . 3,400,000
Additional paid-in capital: . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000
Donated capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,160,000
Total stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,160,000
Instructions
From this information, compute answers to the following questions:
a. How many shares of preferred stock have been issued?
b. What is the total amount of the annual dividends paid to preferred stockholders?
c. How many shares of are outstanding?
d. What was the average issuance price per share of common stock?
e. What is the amount of legal capital?
f. What is the total amount of paid-in capital?
g. What is the book value per share of common stock? (There are no dividends in arrears.)
h. Assume that retained earnings at the beginning of the year amounted to $1,200,000 and the net income for the year was $4,800,000. What was the declared during the year on each share of common stock?
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