Shown Below Is Information Relating to the Shareholders' Equity of Grant

question 68

Multiple Choice

Shown below is information relating to the shareholders' equity of Grant Corporation at December 31, 2009:
$\begin{array}{lr}\text { \( 6 \% \) non-cumulative preference share, \( \$ 100 \) par, 10,000 shares authorized,}&\$600,000\\\text { 6,000 shares issued}\\\\\text { Ordinary shares, \( \$ 3 \) par, 500,000 shares authorized, 300,000 shares issued and }&\$900,000\\\text { outstanding}\\\text { Share premium: preference share } & \$ 60,000 \\\text { Share premium: ordinary share } & \$ 1,900,000 \\\text { Retained earnings } & \$ 1,090,000\end{array}$
Dividends have been declared and paid for 2009.


-Refer to the above data. Grant's total legal capital at December 31, 2009, is:

• A) $3,160,000.
• B) $3,000,000.
• C) $2,590,000.
• D) $1,500,000.

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Definitions:

Inferior Mesenteric Vein

A vein that drains blood from the lower part of the large intestine and rectum into the portal vein.

Gastrosplenic Vein

A blood vessel that carries blood from the stomach and spleen towards the heart.

Inferior Phrenic Vein

Veins that drain blood from the diaphragm into the inferior vena cava or the left suprarenal vein.

Axillary Vein

A vein that accompanies the axillary artery and drains the upper limb and the lateral aspect of the thorax and breast.