Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a st dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consulta to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock common stock and cumulative preferred stock. Number of common shares authorized Number of common shares issued Par value of common shares Par value of cumulative preferred shares Paid-in capital in excess of par-common stock 900,000 750,000 $20 $30 $7,000,000 $0 Paid-in capital in excess of par-preferred stock Total retained earnings before the stock dividend is $33,500,000
Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetrators of practical jokes. The corporation has paid several cash dividends throughout Year 6, the current year. It is also declaring a st dividend to its stockholders as the calendar year-end approaches. You've been brought in as a consulta to assist with this process, and also to help determine whether some missing information can be determined before the distribution of the stock dividend is made. The company has two classes of stock common stock and cumulative preferred stock. Number of common shares authorized Number of common shares issued Par value of common shares Par value of cumulative
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