Exercise 11-4 The stockholders' equity section of Martinez Corp.'s balance sheet at December 31 is presented here. MARTINEZ CORP Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 9,833 shares authorized, 5,900 shares issued and outstanding 595,900 1,737,000 2,332,900 1,158,000 3,490,900 40,000 $3,450,900 Common stock, no par, 748,707 shares authorized, 579,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (7,500 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? Common stock outstanding (b) Assuming there is a stated value, what is the stated value of the common stock? shares 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 (d) If the annual dividend on preferred stock is $47,672, what is the dividend rate on preferred stock? per share The dividend rate (e) If dividends of $71,700 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance