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    Jul 29, 2012, 11:55 PM
    Determine book value of Common/Preferred Stock
    If McCumbers Inc. has the following stockholders' equity section of its balance sheet at December 31, 2011:

    Preferred Stock/ 6%/ $100 par value, 1,000 shares authorized, issued/ and outstanding... $1,100,000
    Premium on Preferred Stock... 50,000
    Common Stock,$10 par value, 250,000 shares authorized/ 120/000 shares issued and outstanding... 1,200,000
    Additional Paid-in Capital... 360,000
    Retained Earnings... 860,000

    Total Stockholders' Equity $3,570,000 Required:
    1} Determine the 2011 book value per share of preferred stock. 2) Determine the 2011 book value per share of common stock.

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