The stockholders€™ equity section on the December 31, 2014, balance sheet of American Corporation follows:

Required:
Complete the following statements and show your computations.
1. The number of shares of preferred stock issued was _____ .
2. The number of shares of preferred stock outstanding was _____ .
3. The average sale price of the preferred stock when issued was $ _____ per share.
4. Have the treasury stock transactions ( a ) increased corporate resources or ( b ) decreased resources? _____ By how much? _____ .
5. The treasury stock transactions increased (decreased) stockholders€™ equity by _____ .
6. How much did the treasury stock held cost per share? $ _____ .
7. Total stockholders€™ equity is $ _____ .
8. The average issue price of the common stock was $ _____.

Stockholders' Equity Contributed capital Preferred stock (par $10; authorized 10,000 shares,? issued, $100,000 of which 500 shares are held as treasury stock) Common stock (no-par; authorized 20,000 shares, issued and outstanding 8,000 shares) Contributed capital (includes $1,500 from treasury 600,000 stock transactions) Retained earnings Cost of treasury stock, preferred 16,500 34,000 (9,500)