Reference no: EM132106807

Question - 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, 9,833 shares authorized, 5,900 shares issued and outstanding	$ 619,500
Common stock, no par, 734,741 shares authorized, 568,200 shares issued	2,272,800
Total paid-in capital	2,892,300
Retained earnings	1,170,000
Total paid-in capital and retained earnings	4,062,300
Less: Treasury stock (6,390 common shares)	(34,080)
Total stockholders' equity	$4,028,220

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?

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

(d) If the annual dividend on preferred stock is $49,560, what is the dividend rate on preferred stock?

(e) If dividends of $73,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?