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The balance sheet of Buzzcraft, Inc., reported the following: Preferred stock, $7 par, 5%, 1,000 shares authorized and issued . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Common stock, $1.50 par value, 43,000 shares authorized; 11,000 shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,500 Paid-in capital in excess of par
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