Medici Inc., has the following stockholders’ equity section of the

Medici Inc., has the following stockholders€™ equity section of the balance sheet:
Medici Inc.
Balance Sheet (Partial)
Medici Inc., has the following stockholders€™ equity section of the

Required:
1. How many shares of preferred stock are authorized?
2. How many shares of common stock are outstanding?
3. What was the average selling price for the common stock when issued?
4. What was the average repurchase price for the treasury shares?
5. If the annual dividends on the preferred stock are $0.80 per share, what is the dividend rate on the preferred stock?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...


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Stockholders' equity: Preferred stock, 100,000 shares authorized 30,000 issued and outstanding 300,000 Common stock, 1,000,000 shares authorized; 600,000 issued; 550,000 outstanding 1,200,000 Additional paid-in capital Preferred stock Common stock $ 90,000 4,800,000 4,890,000 6,090,000 450,000 22,000 800,000 $5,762,000 Total capital stock Retained earnings Accumulated other comprehensive income Less: Treasury stock, at cost Total stockholders' equity