A common stockholder of Milton Corporation is entitled to a pro rata share of any new stock issued by the company. If the firm plans to issue 500,000 new shares at a price of $3.250 per share and this particular stockholder currently holds 1.6 percent of all Milton's shares outstanding, how many new shares is the stockholder entitled to purchase? At what total cost? 6. Riter-Cal Corporation has preferred shares outstanding carrying $35 par value and promising 6 percent annual divided rate