[ksl89]

12/31/ 2008 2007
Stockholders' equity
8.5% preferred stock, $10 par value,
10,000 shares authorized and issued b a
Common stock, $2 par value,
300,000 shares authorized,
110,000 and 90,000 shares issued d c
Paid-in capital in excess of par value f e
Retained earnings h g
Treasury stock, (4,500 and 3,100 shares at cost) j i
Total stockholders' equity $1,411,750 $1,037,800


The company reported net income of $75,000 for the calendar year 2007 and $125,000 for 2008.
The firm's dividend policy is to pay out 10% of its profits each year in dividends. The date of
payment is always April 1 of the following year. Treasury stock was acquired at a cost of $12
per share in 2007. At December 31, 2008, the average cost of treasury stock was $13.50 per
share. The common shares sold during 2005 were sold at $14 each.

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[haider78605]

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