6. Athletic Endurance Company had the following stockholders' equity section on the December 31. 2010, balance sheet: Preferred stock, 6%, $120 par, cumulative $1,170,000 (70200) Common stock, $1.50 par value 300,000 Paid-in capital in excess of par, common stock 1.200,000 Retained earnings 2,500,000 Total S5,170,000 1. How many shares of common stock are classified as issued? (300000/1.5)- 200000 2. How many shares of common stock are outstanding? (200000-0) 200000 3. How many shares of preferred stock are outstanding? 4. What was the average selling price of a share of common stock? (1170000/120-9750 Page 2 of 6