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Question(s) / Instruction(s):

Shown below is information relating to the stockholders\' equity of Magic Corporation as of December 31, 2001:

8% cumulative preferred stock, $100 par,

Callable at $106 $ 200,000

Common stock, $10 par, 500,000 shares

Authorized, 80,000 shares issued and outstanding 800,000

Additional paid-in capital: common stock 300,000

Retained earnings (Deficit) (20,000)

Dividends in arrears 16,000

What was the original issue price per share of common stock?

A.            $10.00 per share

B.            $12.50 per share

C.            $13.75 per share

D.            Some other amount


 

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