Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the stock was $31 per share.
1. Is the preferred stock cumulative or noncumulative ? How can you tell?
2. What is the total paid-in-capital of the company ?
3. What was the total market value of the common stock?
4. Compute the book value per share of the common stock?
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