Below is the equity section of the balance sheet of Water, Inc. as of December 31, 2019:

Common Stock, $1 Par	$ 1,600,000.00
Additional Paid in Capital from Common Stock	$ 2,360,000.00
Preferred Stock, $25 Par	$ 569,100.00
Additional Paid in Capital from Preferred Stock	$ 560,000.00
Treasury Stock	$ -
Retained Earnings	$ 1,950,000.00

1. How much did the company receive for each preferred share it issued?

a. $24.60

b. $25.00

c. $51.23

d. $49.60

2. If Retained Earnings on January 1 was $1,500,000 and the company paid $400,000 in dividends during the year, how much was net income for the year?

a. $2,350,000

b. $450,000

c. $3,450,000

d. $850,000

3. How many shares of preferred stock are outstanding?

a. 22,764

b. 1,600,000

c. 45,164

d. 22,400