Interpret the Stockholders' Equity Section Medici Inc. has the following stockholders' equity section of the balance sheet: Medici Inc. Balance Sheet (Partial) Stockholders' equity: Preferred stock, 100,000 shares authorized; 30,000 issued and outstanding Common stock, 1,000,000 shares authorized; 600,000 issued; 550,000 outstanding Additional paid-in capital: Preferred stock Common stock Total additional paid-in capital Total capital stock Retained earnings Accumulated other comprehensive income Less: Treasury stock, at cost Total stockholders' equity Required: 1. How many shares of preferred stock are authorized? shares 2. How many shares of common stock are outstanding? shares $300,000 1,200,000 $90,000 4,800,000 4,890,000 $6,390,000 450,000 3. What was the average selling price for the common stock when issued? 22,000 (800,000) $6,062,000