Enterprise Storage Company has 440,000 shares of cumulative preferred stock outstanding. which has a stated dividend of $4.65 It is six years in arrears in its dividend payments. Use Appendix B. o. How much in total dollars is the company behind in its payments? Dividend in arrears $ b. The firm proposes to offer new common shares to the preferred shareholders to wipe out the deficit. The common stock will pay the following dividends over the next four years The company anticipates eamings per share after four years will be $4.25 with a P/E ratio of 13. The common stock will be valued as the present value of future dividends plus the present value of the future stock price after four years. The discount rate used by the investment dealer is 11 percent. The common stock will be valued as the present value of future dividends plus the present value of the future stock price after four years. The discount fate used by the ifivestment deater is 11 percent. What is the calculated value of the common stock? (Round "pV Factor" to 3 decimal ploces. Do not round intermediste calculations. Round the final answer to 2 decimol places.) Comman stock c. How many shares of common stock must be issued at the value componed in part b ro cilminate the deficit (arrears) computed in part a? (Round the final answer to the nearest whole number) Number of shares of common stock