Transcribed Image Text: Star Corporation’s December 31, 2007 Balance Sheet showed the following 8% preferred stook, $20 par value, cumulative, 20,000 shares authorized; 10,000 shares

Transcribed Image Text: Star Corporation’s December 31, 2007 Balance Sheet showed the following
8% preferred stook, $20 par value, cumulative, 20,000 shares
authorized; 10,000 shares issued
$200,000
Common stock, $10 par value, 2,000,000 shares authorized;
1,300,000 sharen isnued, 1.200,000 shares outetanding
13,000,000
Paid-in caphal in excess of par value- preferred stock
40,000
Paid-in capital in exonss of par value – common stock
18,000,000
Retained earnings
5,100,000
Treasury stock (20.000 shares)
420,000
Starr declared and paid a S50,000 cash dividend on December 15, 2007. If the company’s dividends in amears prior to hat date were $16,000, Star’s common stockholders received
OA no dividend.
O $22,000.
Oc 538,000
OD $18,000

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