The stockholders’ equity section of Wildhorse Co. at December 31 is as follows. Wildhorse Co. Balance Sheet (Partial) Paid-in capital Preferred stock, cumulative, 12,000 shares authorized, 6,000 shares issued and outstanding $300,000 Common stock, no par, 820,000 shares authorized, 570,000 shares issued 1,140,000 Total paid-in capital 1,440,000 Retained earnings 1,858,000 Total paid-in capital and retained earnings 3,298,000 Less: Treasury stock (11,000 common shares) 72,600 Total stockholders’ equity $3,225,400 From a review of the stockholders’ equity section, as chief accountant, write a memo to the president of the company answering the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? $ per share (c) What is the par value of the preferred stock? $ per share (d) If the annual dividend on preferred stock is $33,000, what is the dividend rate on preferred stock? % (e) If dividends of $66,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? $