QUESTION 1 The following details and account balances are provided for the equity section of a balance sheet. Preferred stock, $75 par value, 10,000 shares authorized, for $300,000 Common stock, no par, 700,000 shares authorized, 400,000 shares issued for $1,200,000 Treasury stocks amounted to $75,000 at a cost of $3 per share Retained earnings amount to $800,000 With these information, answer the following questions: The number of preferred stock issued and outstanding is and the outstanding number of common stock is Common stock will have a state value of $ . Total stockholder's equity will have a balance of $ If this entity decides to sell some of the 5,000 shares of treasury stocks when the price has changed by 100%, then the journal entry will debit or credit for $ for $ , and debit or credit , debit or credit to PIC account. The balance in the treasury stock account after this transaction will be $ Also, if a quarter of the remaining un-issued share were issued at the prevailing price, common stock account will increase, decrease, or not change by $