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Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. company has two classes of...

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Mastery Problem: Corporations: Organization, Stock Transactions, and Dividends Pranks, Inc. company has two classes of stock: common stock and cumulative preferred stock. Fill in the following answers. How many shares of common stock are outstanding? How many shares of preferred stock are outstanding? What is the preferred dividend as a percent of par? % Additional Questions 1. After completing the Cash Dividends panel, answer the following question. Does Pranks, Inc. have any treasury stock? How can you tell? 2. In which years has Pranks, Inc. paid cumulative preferred dividends in arrears? a. Year 1 b. Year 2 c. Year 3 d. Year 4 e. Year 5 f. Year 6 distribution date of the stock, December 31 . closing entries were recorded at the end of the year

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