Interpreting Stockholders' Equity Section

Interpreting stockholders' equity section
The stockholders' equity section of the balance sheet of Powell Corporation (with certain details omitted) appears below:

Answer the following questions based on the stockholders' equity section given above:
(a) What is the total amount of legal capital?
(b) What is the total amount of dividends paid annually to the preferred stockholders?
(c) What is the average issue price of a share of common stock?
(d) The balance in retained earnings at the beginning of the current year was $1,351,500, and there were no dividends in arrears. Net income for the current year was $700,000. What is the amount of the dividends declared on each share of common stock during the current year?

Correct Answer:

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(a) $2,850,000
(b) $...

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