Required information [The following information applies to the questions displayed below.] Bacon Inc. has the following

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Required Information The Following Information Applies To The Questions Displayed Below Bacon Inc Has The Following 1 (42.01 KiB) Viewed 39 times

Required information [The following information applies to the questions displayed below.] Bacon Inc. has the following stockholders' equity section in its May 31, 2019, comparative balance sheets: Paid-in capital: Preferred stock, $120 par value, 9%, cumulative, 200,000 shares authorized, 140,000 shares issued and outstanding Common stock, $5 par value, 1,000,000 shares authorized, 600,000 and 540,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 72,000 shares and 68,000 shares, respectively Total stockholders' equity May 31, 2019. April 30, 2019 Net income $16,800,000 $ 7 26,100,000 36,200,000 (4,412,000) ? $16,800,000 2,700,000 23,220,000 34,640,000 (4,148,000) $73,212,000 d. During May, dividends on preferred stock equal to one-half of the 2019 dividend requirement were declared and paid. There were no common dividends declared or paid in May. Calculate net income for May.