Hello, I'm really struggling with this problem. So far I have
calculated 48,000 for preferred and 38,000 for common, which I know
to be incorrect per my professor. I also calculated
64,703 as the preferred and 41,697 as the common but I know these
to be incorrect as well. I'm just not sure how to calculate this.
Please see the below.
The outstanding capital stock of Skysong Corporation consists of
2,000 shares of $100 par value, 8% preferred, and 5,100 shares...