Problem 8-34 (Algo) Comprehensive problem-calculate missing amounts, issue price, net income, and dividends; interpret stock dividend and split LO 8-1, 8-2, 8-3,8-4, 8-6, 8-7 [The following information applies to the questions displayed below.] Bacon Incorporated has the following stockholders' equity section in its May 31, 2022, comparative balance sheets: Paid-in capital: May 31, 2022 April 30, 2022 Preferred stock, $140 par value, 68, cumulative, 100,000 shares authorized, 80,000 shares issued and outstanding $ 11,200,000 Common stock, $8 par value, 600,000 shares authorized, 450,000 and 430,000 shares issued, respectively Additional paid-in capital Retained earnings Less: Treasury common stock, at cost; 19,000 shares and 18,000 shares, respectively Total stockholders' equity 14,810,000 12,210,000 $ 11,200,000 2 3,440,000 14,420,000 11,934,000 (1,748,000) (1,728,000) $ 2 $ 39,266,000 Problem 8-34 (Algo) Part a Required: a. Calculate the amount that should be shown on the balance sheet for common stock at May 31, 2022. Common stock $ 7,040,000