The balance sheet of Ballcraft, Inc., reported the following:

Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the Ballcraft common stock was $31 per share.
Requirements
1. Is the preferred stock cumulative or noncumulative? How can you tell?
2. What is the total paid-in capital of the company?
3. What was the total market value of the common stock?
4. Compute the book value per share of the commonstock.

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Preferred stock, $8 par, 5%, 4,000 shares authorized and issucd ... Common stock, $2.50 par valuc, 41,000 shares authorized; 16,000 shares issued ... Paid-in capital in excess of par-common Total paid-in capital Retained carnings .. Total stockholders' cquity 32,000 40,000 297,000 40,000 $ 337,000