Preferred stock, 100,000 shares authorized; 30,000 issued and outstanding $300,000 Common stock, 1,000,000 shares authorized; 600,000 issued; 550,000 outstanding 1,200,000 Additional paid-in capital: Preferred stock Common stock Total capital stock Retained earnings $90,000 4,890,000 $6,390,000 450,000 22,000 (800,000) $6,062,000 4,800,000 Accumulated other comprehensive income Less: Treasury stock, at cost Total stockholders' equity Required: 1. How many shares of preferred stock are authorized? 100,000shares 2. How many shares of common stock are outstanding? 550,000shares 3. What was the average selling price for the common stock when issued? per shares 4. What was the average repurchase price for the treasury shares? . If the annual dividends on the preferred stock are $0.80 per share, what is the dividend rate on the preferred stock