1. Market Corporation began its business on Jan 1, 2012. It sold @ $31 per share 6,100 shares of no-par common stock with a stated value of $24 per share. The charter of Market indicated 38,000 shares were authorized. Retained Earnings were $59,000 on Dec 31. Prepare the stockholders’ equity section for Market on Dec 31, 2012.
2. April Corporation in its first 3 years of operation paid out the following dividends:
* Year 1: 0
* Year 2: 27,000
*Year 3: 94,000
Given that April has 2,800 of $100 par 8% cumulative, nonparticipating preferred stock and 14,500 shares of $25 par value common stock, what would be the total dividends paid each year to holders of common and preferred?
