The stockholders\' equity section of Leyland Corporation\'s balance sheet at Dec

Question

The stockholders' equity section of Leyland Corporation's balance sheet at December 31 is presented here. From a review of the stockholders' equity section, answer the following questions, How many shares of common stock are outstanding? Assuming there is a stated value, what is the stated value of the common stock? What is the par value of the preferred stock? If the annual dividend on preferred stock is $50,904, what is the dividend rate on preferred stock? If dividends of $72,100 were in arrears on preferred stock, what would be the balance reported for retained earning

Explanation / Answer

Solution:

a. Number of common shares outstanding = 558,400 b. Stated value of Common Stock = $ 1,675,200 / 558,400 shares 3 c. Par value of preferred stcok = $ 565,600 / 5,600 shares 101 d. Dividend rate = Dividend / Par value of dividend 9.0%

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