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The stockholders equity section of Blue Spruce Corp.s balance sheet at December 31 is presented here. BLUE SPRUCE CORP Balance Sheet (partial) Stockholders equity Paid-in capital Preferred stock, cumulative, 8,667 shares authorized, 5,200 shares issued and outstanding 530,400 2,308,000 2,838,400 1,180,000 4,018,400 28,800 $3,989,600 Common stock, no par, 746,120 shares authorized, 577,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,400 common shares) Total stockholders equity From a review of the stockholders equity section, answer the following questions.
From a review of the stockholders equity section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $ per share (c) What is the par value of the preferred stock? The par value of the preferred stock $ per share (d) If the annual dividend on preferred stock is $ 47.736, what is the dividend rate on preferred stock? The dividend rate (e) If dividends of $ 75,900 we re in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $
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(a) How many shares of common stock are outstanding? Ans: Common stock outstanding 571600 shares -577,000 5,400 571,600 (b) Assuming there is a stated value, what is the stated value of the common stock? Ans: The par value of the preferred stock $4 per share -2,308,000 577,000 4 (c) What is the par value of the preferred stock? Ans: The par value of the preferred stock $102 per share 530,400 /5,200 $ 102 (d) If the annual dividend on preferred stock is $47,736, what is the dividend rate on preferred stock? Ans: The dividend rate 9% -47,736 / 530,400 990 (e) If dividends of $75,900 were in arrears on preferred stock, what would be the balance reported for retained earnings? Ans: The Retained Earnings balance 1180.000

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