Munn Corporations records included the following stockholders equity accounts: Preferred stock, par value $15, authorized 20,000 shares

Question:

Munn Corporation’s records included the following stockholders’ equity accounts:
Preferred stock, $15, authorized 20,000 shares $255,000
Additional paid-in capital—preferred stock 15,000
, no par, $5 stated value, 100,000 shares authorized 300,000

Required:
How many shares of preferred stock and how many shares of common stock have been issued?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...