Exercise 11-4

The stockholders equity section of Monty Corp.s balance sheet at December 31 is presented here.

MONTY CORP Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding 612,000 2,276,000 2,888,000 1,164,000 4,052,000 27,733 $4,024,267 Common stock, no par, 735,776 shares authorized, 569,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,200 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 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 $48,960, what is the dividend rate on preferred stock? The dividend rate