DeZurik Corp. had the following owners€™ equity section in its June 30, 2010, balance sheet (in thousands, except share and per share amounts):

Required:
a. Calculate the par value per share of preferred stock and determine the preferred stock dividend percentage.
b. Calculate the amount that should be shown on the balance sheet for common stock at June 30, 2010.
c. What was the average issue price of common stock shown on the June 30, 2010, balance sheet?
d. How many shares of treasury stock does DeZurik Corp. own at June 30, 2010?
e. Assume that the treasury shares were purchased for $18 per share. Calculate the amount that should be shown on the balance sheet for treasury stock at June 30, 2010.
f. Calculate the retained earnings balance at June 30, 2010, after you have completed parts a€“e.
g. (Optional) Review the solutions to parts a€“f of this case on the Web site for this book at www.mhhe.com/marshall9e. Assume that the Retained Earnings balance on July 1, 2009, was $19,200 (in thousands) and that net income for the year ended June 30, 2010, was $1,152 (in thousands). The 2010 preferred dividends were paid in full, and no other dividend transactions were recorded during the year. Verify that the amount shown in the solution to part f iscorrect.

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June 30 (in thousands) 2010 2011 Paid-in capital $4.50 Preferred stock, $? par value, cumulative, 200,000 shares authorized, 96,000 shares issued $5,760 and outstanding .. . . Common stock, $5 par value, 4,000,000 shares authorized, 3,280,000 shares issued, 3,000,000 shares outstanding Additional paid-in capital on common stock . .. . . . ...-.. 22,960 Retained earnings.. . Less: Treasury common stock, at cost, shares Total owners' equityN.... $66,168 $60,000