The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.

The stockholders’ equity section of Leyland Corporation’s balance sheet at December 31 is presented here.

LEYLAND CORPORATION Balance Sheet (partial)
Stockholders’ equity
Paid-in capital
Preferred stock, cumulative, 11,167 shares authorized, 6,700 shares issued and outstanding		$ 696,800
Common stock, no par, 715,474 shares authorized, 553,300 shares issued		2,213,200
Total paid-in capital		2,910,000
Retained earnings		1,201,000
Total paid-in capital and retained earnings		4,111,000
Less: Treasury stock (5,190 common shares)		(27,680	)
Total stockholders’ equity		$4,083,320

From a review of the stockholders’ equity section, answer the following questions.

(a) How many shares of common stock are outstanding?

Common stock outstanding

shares

(b) Assuming there is a stated value, what is the stated value of the common stock?

The stated value of the common stock

$  per share

(c) What is the par value of the preferred stock?

The par value of the preferred stock

$  per share

(d) If the annual dividend on preferred stock is $62,712, what is the dividend rate on preferred stock?

The dividend rate

%

(e) If dividends of $73,800 were in arrears on preferred stock, what would be the balance reported for retained earnings?

The Retained Earnings balance

$