In 2014, Randy Martin began operating NEK Inc., a chain of men's shirt retailers. The corporationwas authorized to issue unlimited shares of no-par value common stock and unlimited shares of $9cumulative, no par value, preferred stock. 10 000 shares of the preferred stock were issued for atotal of $900 000 and 45 000 shares of common stock were issued at $40 per share. During thefirst three years of its existence, NEK Inc. earned a total of $776 000 and paid yearly dividends of$3 per share on the common stock, in addition to the regular dividends on the preferred stock.During 2017, however, the corporation incurred a loss of $71 000 and paid no dividends.Calculate the following. When entering your answers do not use $ signs and do not leave spaces.€1XIn space 1 enter the total value of all the shares issued.In space 2 enter the total dividends paid on common shares up to the end of 2017.In space 3 enter the total dividends paid on preferred shares up to the end of 2017.In space 4 enter the amount of the Retained Earnings at the end of 2017.In space 5 enter the total shareholders equity at the end of 2017.A/

The shareholders equity includes common shares, preferred shares outstanding at the end of the…

Answered: In 2014, Randy Martin began operating…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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