The stockholders\' equity section of Sundberg Corporation\'s balance sheet at De

Question

The stockholders' equity section of Sundberg Corporation's balance sheet at December 31 is presented here.

SUNDBERG CORPORATION
Balance Sheet (partial)
Stockholder's equity
Paid-in capital
Preferred stock, cumulative, 11,667 shares authorized,
7,000 shares issued and outstanding $727,300
Common stock, no par, 781,750 shares authorized,
625,400 shares issued 2,251,440
Total paid-in capital 2,978,740
Retained earnings 1,170,660
Total paid-in capital and retained earnings 4,149,400
Less: Treasury stock (8,130 common shares) (32,520)

Total stockholder's equity: $4,116,880

What is the par value of the preferred stock? (Round answer to 2 decimal places, e.g. 250.25.)

________________ $ per share

Explanation / Answer

38,900/727,300 = 0.0535 or 5.35%

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