The stockholders’ equity section of Ahab Corporation at December 31 is as follow

Question

The stockholders’ equity section of Ahab Corporation at December 31 is as follows.

AHAB CORPORATION
Balance Sheet (partial)

$300,000

1,200,000

1,500,000

1,858,000

3,358,000

(75,000

)

$3,283,000

AHAB CORPORATION
Balance Sheet (partial)

Paid-in capital    Preferred stock, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding

$300,000

   Common stock, no par, 750,000 shares authorized, 600,000 shares issued

1,200,000

     Total paid-in capital

1,500,000

Retained earnings

1,858,000

        Total paid-in capital and retained earnings

3,358,000

Less: Treasury stock (75,000 common shares)

(75,000

)

             Total stockholders’ equity

$3,283,000

Explanation / Answer

Common Stock Shares Outstanding Common Stock 600000 Less: Treasury Stock 75000 Common Stock Shares Outstanding 525000 Shares Par value of Preferred Stock $ 60 per share 300000/5000 Dividend Rate 300000*100/30000 10%

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