OK State Corporation has been operating successfully for several years. It is authorized to issue 24,000 shares of no-par common stock and 6,000 shares of 8%, $100 part preferred stock. The Stockholders' Equity section of its December 31, 2012, balance sheet is as follows:
- 8% preferred stock, $100 par $190,000
- Common stock, no par value 184,000
- Additional paid-in Capital on preferred stock 15,200
- $389,200
Part A. A shareholder has raised the following questions:
1. What is the legal capital of the corporation?
2. At what average price per share has the preferred stock been issued?
3. How many shares of common stock have been issued (the common stock has been issued at an average price of $23 per share)?