Following is the stockholders’ equity section of Bayside Corporation’s December 31 balance sheet:

Required

a. What is Bayside’s legal capital at December 31?

b. What is the number of common shares outstanding at December 31?

c. What is the average amount per share received from the original issuance of common stock?

d. Assuming that the preferred stock is cumulative with no dividends in arrears, what total dollar amount of preferred dividends needs to be declared at December 31, before the common stockholders may receive a dividend?

e. Has Bayside ever sold treasury stock for more than the treasury stock cost when it was acquired? Briefly explain.

f. Assume that Bayside splits its common stock

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Paid-in Capital 7 Percent preferred stock, $50 par value, 5,000 shares authorized, issued, and outstanding Common stock, $6 par value, 700,000 shares authorized; 200,000 issued. $ 250,000 of which 10,000 shares are in the treasury. Additional Paid-in Capital In excess of par value-Preferred stock. In excess of par value-Common stock From treasury stock. Total Paid-in Capital. Retained earnings.. Less: Treasury stock (10,000 common shares) at cost Total Stockholders' Equity. 1,200,000 $1,450,000 80,000 1,000,000 22,000 1,102,000 2,552,000 2,223,000 4,775,000 140,000 $4,635,000