Burton Inc. has two classes of stock, 6% $100 par cumulative Preferred Shares and $2 par Common Shares. The equity section shows:
Common stock, $2 par value, 1,000,000 shares authorized and ___?___ shares issued................$540,000
Paid in capital in excess of par value........................................................................................$255,000
How many shares of common are issued?
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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 $15 per share, at what average price per share were the preferred shares issued? 4. If retained earnings at the beginning of the period was $235 million and $15 million was paid in dividends during the year, what was the net income for the year? The stockholders' equity section of Velcro World...
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