P13-8B The balance sheet of The Gonzalez Group reported the following: Stockholders' Investment [same as stockholders' equity] Nonvoting preferred stock, no-par (liquidation value, $358,000) $320,000 Common stock. $1.50 par value. authorized 75,000 shares: issued 36,000 shares 54.000 [Additional] paid-in capital 231.000 Retained earnings.. 141.000 Total stockholders' investment. $746.000 Notes to the financial statements indicate that 8.000 shares of $3.40 preferred stock with a stated value of $40 per share were issued and outstanding. Preferred dividends are in arrears for three years, including the current year. The additional paid-in capital belongs to common. On the balance sheet date, the market value of the Gonzalez common stock was $10 per share. Required 1. Is the preferred stock cumulative or noncumulative? How can you tell? 2. What is the amount of the annual preferred dividend? 3. Which class of stockholders controls the company? Give your reason. 4. What is the total paid-in capital of the company? 5. What was the total market value of the common stock? 6. Compute the book value per share of the preferred stock and the common stock.