The stockholders' equity section of Beta Corporation shows: Stockholders' Equity ⚫ Preferred stock (par $25; authorized 15,000 shares, issued, of which 800 shares are held as treasury stock) $175,000 ⚫ Common stock (par $10; authorized 30,000 shares, issued and outstanding 12,000 shares) - $120,000 Additional paid-in capital - $25,000 ⚫ Retained earnings - $45,000 ⚫ Cost of treasury stock preferred - $15,000 Calculate the number of preferred shares outstanding.

Cornerstones of Financial Accounting
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Chapter10: Stockholder's Equity
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The stockholders' equity section of Beta Corporation shows:
Stockholders' Equity
⚫ Preferred stock (par $25; authorized 15,000 shares, issued, of
which 800 shares are held as treasury stock) $175,000
⚫ Common stock (par $10; authorized 30,000 shares, issued and
outstanding 12,000 shares) - $120,000
Additional paid-in capital - $25,000
⚫ Retained earnings - $45,000
⚫ Cost of treasury stock preferred - $15,000
Calculate the number of preferred shares outstanding.
Transcribed Image Text:The stockholders' equity section of Beta Corporation shows: Stockholders' Equity ⚫ Preferred stock (par $25; authorized 15,000 shares, issued, of which 800 shares are held as treasury stock) $175,000 ⚫ Common stock (par $10; authorized 30,000 shares, issued and outstanding 12,000 shares) - $120,000 Additional paid-in capital - $25,000 ⚫ Retained earnings - $45,000 ⚫ Cost of treasury stock preferred - $15,000 Calculate the number of preferred shares outstanding.
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