Smalley. Inc.. has preferred and common stock outstanding as follows:
$5 preferred stock. 40.000 shares @ $100 par value…………. $4,000,000 Common stock, 500,000 shares at $10 par value…………….. 5.000,000 Additional paid-in capital on common stock………………… 800.000 Retained earnings…………………………………………….. 1,750,000 |
Calculate the book value on common stock, assuming preferred dividends, are cumulative and are currently one year in arrears.
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