Solution-What is the par value of the preferred stock

What is the par value of the preferred stock

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Balance Sheet (partial)
Stockholders' equity
Paid-in capital
Preferred stock, cumulative, 9,000 shares authorized, 5,400 shares issued and outstanding	$556,200
Common stock, no par, 755,000 shares authorized, 585,000 shares issued	2,925,000
Total paid-in capital	3,481,200
Retained earnings	1,150,000
Total paid-in capital and retained earnings	4,631,200
Less: Treasury stock (6,800 common shares)	36,300
Total stockholders' equity	$4,594,900

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

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

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

(d) If the annual dividend on preferred stock is $44,496, what is the dividend rate on preferred stock?

(e) If dividends of $78,900 were in arrears on preferred stock, what would be the balance reported for retained earnings?

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What is the par value of the preferred stock

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