The stockholders' equity section of Haley Corporation at December 31 is as follows.
HALE...
The stockholders' equity section of Haley Corporation at December 31 is as follows.
HALEY CORPORATION
Balance Sheet (Partial)
Paid-in capital
Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $300,000
Common stock, no par, 860,000 shares authorized, 560,000 shares issued 1,120,000
Total paid-in capital 1,420,000
Retained earnings 1,858,000
Total paid-in capital and retained earnings 3,278,000
Less: Treasury stock (8,000 common shares) 41,600
Total stockholders' equity $3,236,400
From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions.
(a) How many shares of common stock are outstanding?
(b) Assuming there is a stated value, what is the stated value of the common stock?
(c) What is the par value of the preferred stock?
(d) If the annual dividend on preferred stock is $27,000, what is the dividend rate on preferred stock?
(e) If dividends of $54,000 were in arrears on preferred stock, what would be the balance in Retained Earnings?
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