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1.The authorized share capital of the Alfred Cake Company is 100,000 shares. The equity is currently shown in the company's books as follows: Common stock ($1 par value) Additional paid-in capital Retained earnings Common equity Treasury stock (2,000 shares) Net common equity $ 71,000 21,000 41,000 $133,000 15,000 $118,000 a. How many shares are issued? b. How many shares are outstanding? c. How many more shares can be issued without the approval of shareholders? 2.Common Products has just made its first issue of stock. It raised $2.3 million by selling 250,000 shares of stock to the public. These are the only shares outstanding. The par value of each share was $4. Complete the following table: Common stock (par value) Additional paid-in capital Retained earnings Net common equity $3,100.000 3. If there are 8 directors to be elected and a shareholder owns 200 shares, calculate the maximum number of votes that he or she can cast for a favorite candidate under each of the voting methods. Maximum Number of votes a. Majority voting b. Cumulative voting 4. The shareholders of the Pickwick Paper Company need to elect five directors. There are 250,000 shares outstanding. a. What is the minimum number of shares you need to own to ensure that you can elect at least one director if the company has majority voting? Number of shares = b. What is the minimum number of shares you need to own to ensure that you can elect at least one director if the company has cumulative voting? (Round your answer to the nearest whole number.) Number of shares = 5. Moonscape has just completed an initial public offering. The firm sold 6 million shares at an offer price of $12 per share. The underwriting spread was $0.30 a share. The price of the stock closed at $18.00 per share at the end of the first day of trading. The firm incurred $100,000 in legal, administrative, and other costs. What were flotation costs as a fraction of funds raised? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Costs as percent of funds raised % 6. Young Corporation stock currently sells for $40 per share. There are 1 million shares currently outstanding. The company announces plans to raise $4 million by offering shares to the public at a price of $40 per share. a. If the underwriting spread is 7%, how many shares will the company need to issue in order to be left with net proceeds (before other administrative costs) of $4 million ? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of shares = b. If other administrative costs are $65,000, what is the dollar value of the total direct costs of the issue? (Enter your answer in dollars not in millions. Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) Total direct costs = c. If the share price falls by 3% at the announcement of the plans to proceed with a seasoned offering, what is the dollar cost of the announcement effect? (Enter your answer in dollars not in millions.) Cost of the announcement effects = 7. The common stock and debt of Northern Sludge are valued at $75 million and $25 million, respectively. Investors currently require a return of 16.1% on the common stock and a return of 7.6% on the debt. If Northern Sludge issues an additional $12 million of common stock and uses this money to retire debt, what happens to the expected return on the stock? Assume that the change in capital structure does not affect the interest rate on Northern's debt and that there are no taxes. (Do not round intermediate calculations. Enter your answer as a whole percent.) New return on equity %