Exercise 11 The stockholders\' equity section of Leyland Corporation\'s balance

Question

Exercise 11 The stockholders' equity section of Leyland Corporation's balance sheet at December 31 is presented here. LEYLAND CORPORATION Balance Sheet (partial) Stockholders' equity Preferred stock, cumulative, 11,000 shares authorized, 6,600 shares issued and $686,400 2,872,500 3,558,900 1,149,600 4,708,500 outstanding Common stock, no par, 742,888 shares authorized, 574,500 shares issued Total paid-in capital Total paid-in capital and retained earnings Less: Treasury stock (7,690 common shares) 1«*) Total stockholders' equity $4,667,487

Explanation / Answer

a Common stock outstanding = 574500-7690= 566810 b Stated value = 2872500/574500= 5 c Par value = 686400/11000= 62.4 d Dividend rate = 54912/686400= 8% e Retained earnings balance = 1149600-73500= 1076100

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