The stockholder's equity accounts of a corporation on January 1, 2015, were as follows:
Preferred Stock (5%, $10 par, cumulative, 5000 shares authorized) $35,000
Common Stock ($5 par, 500,000 shares authorized) $750,000
APIC - Preferred Stock $205,800
APIC - Common Stock $2,220,000
Retained Earnings $857,000
During 2015, the corporation had the following transactions and events relating to its stockholders equity.
Jan.12 Purchased 2,500 shares of its own common stock to add to the Treasury at a cost of $53,750
Mar.17 Issued 10,000 shares of common stock in exchange for a building. On the date of the exchange, the FMV of the building was $212,000 and the stock was trading at $20.25 per share.
May.21 Sold 1,000 shares of treasury stock - common for $24 per share.
Nov.5 Issued 500 shares of preferred stock for $36,000
Dec.31 Determined that net income for the year was $226,000. Dividends were declared and paid during December. These dividends included a $0.20 per share dividend to common stockholders of record as of December 20. There are no dividends in arrears.
1. As of Dec.31, 2015, what is the average selling price of the preferred stock?
2. How many shares of common stock are outstanding as of December 31, 2015?
3. What is total amount of dividends declared and paid in 2015?
4. What is total stockholder's equity as of December 31, 2015?