Question

On December 31, 2023, Berclair Incorporated had 580 million shares of common stock and 8 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding.What is the total par value of the preferred stock?

A) $580 million

B) $720 million

C) $800 million

D) $900 million

Answer 1

The total par value of Berclair Incorporated's preferred stock is $800 million, found by multiplying 8 million shares with the $100 par value per share.

Step-by-step explanation:

The total par value of the preferred stock issued and outstanding for Berclair Incorporated can be calculated by multiplying the number of preferred shares by the par value per share.

Since Berclair Incorporated has 8 million shares of 9%, $100 par value cumulative preferred stock, the total par value calculation would be:

8 million shares × $100 par value per share = $800 million.

Therefore, the total par value of the preferred stock is $800 million.