stockholders’ equity

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Shown below is information relating to the stockholders’ equity of Topaz Inc., at December 31, 2020:

10% cumulative preferred stock, $100 par, 100,000 shares authorized, 8,000 shares issued………………………………………… $ 800,000 Common stock, $3 par, 1,000,000 shares authorized, 700,000 shares issued and outstanding……………………………………………………. 2,100,000 Additional paid-in capital: preferred stock………………………………………………….. 600,000 Additional paid-in capital: common stock…………………………………………………… 700,000 Retained earnings…………………………………………………………………………………… 500,000

From the above information, compute the following:

1 The average issue price per share of common stock: $_____ per share

2 The total amount of paid-in capital: $__________

3 The average issue price per share of preferred stock: $_____ per share

4 The book value per share of common stock (assume current-year preferred dividends have been paid) $_____ per share

5 The balance in Retained Earnings at the beginning of the year was $650,000, and there were no dividends in arrears. Net income for 2020 was $475,000. What was the amount of dividend declared on each share of common stock during 2020? $_____ per share

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