Exercise 11-07 The stockholders' equity section of Bridgeport Corp.'s balance sheet at December 31 is presented here. BRIDGEPORT CORP. Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 9,000 shares authorized, 5,400 shares issued and outstanding $ 556,200 Common stock, no par, 755,000 shares authorized, 585,000 shares issued 2,925,000 Total paid-in capital 3,481,200 Retained earnings 1,150,000 Total paid-in capital and retained earnings 4,631,200 Less: Treasury stock (6,800 common shares) 36,300 Total stockholders' equity $4,594,900 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? 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 per share (c) What is the par value of the preferred stock? The par value of the preferred stock per share (d) If the annual dividend on preferred stock is $44,496, what is the dividend rate on preferred stock? The dividend rate (e) If dividends of $78,900 were in arrears on preferred stock, what would be the balance reported for retained earnings