Exercise 11-11 The stockholders' equity section of Kingbird, Inc. at December 31 is as follows. Kingbird, Inc. Balance Sheet (Partial) $336,000 Paid-in capital Preferred stock, cumulative, 12,000 shares authorized, 8,400 shares issued and outstanding Common stock, no par, 730,000 shares authorized, 560,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (7,000 common shares) Total stockholders' equity 1,120,000 1,456,000 1,858,000 3,314,000 37,800 $3,276,200 From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common stock? per share $ (c) What is the par value of the preferred stock? per share $ (d) If the annual dividend on preferred stock is $33,600, what is the dividend rate on preferred stock? % (e) If dividends of $67,200 were in arrears on preferred stock, what would be the balance in Retained Earnings? $