Receipt per Share. Appel Corporation is considering expanding. It plans to finance the expansion by issuing $4 million in preferred stock. The preferred stock has a par value of $50 and a dividend...

Receipt per Share. Appel Corporation is considering expanding. It plans to finance the expansion by issuing $4 million in preferred stock. The preferred stock has a par value of $50 and a dividend rate of 12 percent. Similar issues of preferred stock are presently yielding 14 percent.

(a) How much will the company receive for each share? (b) How many shares must be issued?