8-7 (Algo) Analyzing the stockholders' equity section of the balance sheet LO 8-2, 8-4, 8-5 The stockholders' equity section of the balance sheet for Mann Equipment Co. at December 31, Year 2, is as follows. Stockholders' Equity Paid-in capital Preferred stock, ? par value, 5% cumulative, 220,000 shares authorized, 52,000 shares issued and outstanding Common stock, $20 stated value, 270,000 shares authorized, 52,000 shares issued and ?? shares outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated value-Common Total paid-in capital Retained earnings Treasury stock, 6,000 shares) Total stockholders' equity $520,000 1,040,000 42,000 234,000 $1,836,000 370,000 (36,000) $2,170,000 Note: The market value per share of the common stock is $38, and the market value per share of the preferred stock is $24. Required: a. What is the par value per share of the preferred stock?