Acct212-The following stockholders’ equity accounts arranged alphabetically are in the ledger of…

The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.

Common Stock ($10 stated value) 1,500,000

Paid-in Capital from Treasury Stock 6,000

Paid-in Capital in Excess of Stated Value-Common Stock 690,000

Paid-in Capital in Excess of Par Value-Preferred Stock 288,400

Preferred Stock (8%, $100 par, noncumulative) 400,000

Retained Earnings 776,000

Treasury Stock-Common (8,000 shares) 88,000

Instructions:

a. Complete the stockholders' equity section at December 31, 2011. (List entries by the format used in the text. Enter all amounts as positive amounts and subtract where necessary.)

b. Compute the book value per share of the common stock, assuming the preferred stock has a call price of $110 per share. (Round answer to 2 decimal places, e.g. 10.50.)

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