Athletic Endurance Company had the following stockholders equity section on
Athletic Endurance Company had the following stockholders’ equity section on the December 31, 2010, balance sheet:
Preferred stock, 6%, $120 par, cumulative ........ $1,170,000
Common stock, $1.50 par value ............ 300,000
Paid-in capital in excess of par, common stock ...... 1,200,000
Retained earnings .................. 2,500,000
Total ....................... $5,170,000
1. How many shares of common stock are classified as issued?
2. How many shares of common stock are outstanding?
3. How many shares of preferred stock are outstanding?
4. What was the average selling price of a share of common stock?
5. If $115,000 of dividends was declared and there were no dividends in arrears, how much of the total would go to the common shareholders?

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