Book value per share of common stock, and preferred dividends in arrears [10-15 min]
The balance sheet of Moe Taylor, Inc., reported the following:
Preferred stock, 7%, $30 par, 1,000 shares authorized, issued and outstanding | $ 30,000 |
Common stock, no-par value, 11,000 shares authorized, 5,600 shares issued | 226,000 |
Retained earnings | 80,000 |
Total stockholders’ equity | $ 336,000 |
Requirement
1. Compute the book value per share of Taylor’s preferred and common stock if three years’ preferred dividends (including dividends for the current year) are in arrears.
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