Accounting.a

A company has 575 shares of $50 par value preferred stock outstanding, and the call price of its preferred stock is $63 per share. It also has 23,000 shares of common stock outstanding, and the total value of its stockholders’ equity is $790,625. The company’s book value per common share equals:

A company issued 95 shares of $100 par value stock for $10,500 cash. The total amount of paid-in capital is:

Badger and Fox are forming a partnership. Badger contributes a building that has a market value of $334,000; the partnership assumes responsibility for a $117,000 note secured by a mortgage on the property. Fox invests $92,000 in cash and equipment that has a market value of $67,000. For the partnership, the amounts recorded for Badger’s Capital account and for Fox’s Capital account are:

Shelby and Mortonson formed a partnership with capital contributions of $290,000 and $390,000, respectively. Their partnership agreement calls for Shelby to receive a $59,000 per year salary. Also, each partner is to receive an interest allowance equal to 8% of a partner’s beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $125,000, then Shelby and Mortonson’s respective shares are: