Marvin%u2019s Music Company was incorporated as a new business on January 1 20

Marvin%u2019s Music Company was incorporated as a new business on January 1 2012. The company is authorized to issue 40000 shares of $1 par
value common stock and 10000 shares of 4% $5 par value preferred stock. On January 1 2012 the company issued 15000 shares of common stock for $8 per
share and all of the preferred stock at par value. There were no other stock sales during 2012.REQUIRED:
1. How many shares of common stock are outstanding?
2. What amount would Marvin show on its Dec. 31 2012 balance sheet as Common Stock?
3. What amount would Marvin show on its Dec. 31 2012 balance sheet as Preferred Stock?
4. What amount would Marvin show on its Dec. 31 2012 balance sheet as Additional Paid In Capital?
5. How much would Marvin pay in preferred stock dividends for 2012?