CES Exercise 11-07 The stockholders' equity section of Pina Colada Corp.'s balance sheet at December 31 is presented here. PINA COLADA CORP. Balance Sheet (partial) tudy Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,300 shares authorized, 6,200 shares issued and outstanding $620,000 Common stock, no par, 744,000 shares authorized, 574,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (7,900 common shares) Total stockholders' equity From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? 1,722,000 2,342,000 1,175,000 3,517,000 42,000 $3,475,000 Common stock outstanding shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $ (c) What is the par value of the preferred stock? per share. (d) How many Shares of common stock are outstanding? ORCES Common stock outstanding shares V Study (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $ (c) What is the par value of the preferred stock? The par value of the preferred stock $ per share per share (d) If the annual dividend on preferred stock is $37,200, what is the dividend rate on preferred stock? The dividend rate % (e) If dividends of $71,300 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $ Click if you would like to Show Work for this question: Qpen Show Work