me: Financial Accounting ACC111-Professor Horowitz- Test 3. Fall2017 6. The Torre Company has the following stockholders' account Class: Date: Iders' equity account balances in stockholders equity on December 31 Common Stock-$5 par, 60,000 shared issued Paid-In Capital in Excess of Par-Common Stock Preferred stock-$100 par, 5,000 shares issued Paid-In Capital in Excess of Par- Preferred Retained Earnings Treasury Stock (cost-$12 per share) S300,000 600,000 500,000 100,000 200,000 60,000 Answer the following questions: 1. How many shares of treasury stock are owned? 2. What was the average market price per share at which common stock was issued? 3. What was the average market price per share at which preferred stock was issued? 4. What is the total value of the capital supplied by investors? 5. What is the total value of stockholders' equity? 6. How many shares of common stock are outstanding? 7. If net income for the year was $75,000 and a preferred stock dividend of $20,000 was paid, what was the beginning value of retained earnings