Income taxes( 45 %) 498,834 545,850
Net income $ 609,686 $ 667,150
At year end, the market price of Kingston’ s stock was $ 101 per share, and Benson’ s was $ 63.50. Assume balance sheet amounts are representative for the entire year.
6) Hatch Company has two classes of capital stock outstanding: 8 %, $ 20 par preferred and $ 5 par common. At December 31, 2014, the following accounts were included in stockholders’ equity.
Preferred Stock, 156,500 shares $ 3,130,000
Common Stock, 2,083,000 shares 10,415,000
Paid-in Capital in Excess of Par— Preferred Stock 201,400