Shown below is information relating to the stockholders' equity of Reeve Corporation as of December 31 , Year 1 : 8\% cumulative preferred stock, $100 par value; authorized, ?? shares; issued and outstanding, ?? shares Common stock, $10 par value; authorized, 500,000 shares; issued and outstanding, 120,000 shares Additional paid-in capital: Common stock Retained earnings (Deficit) Dividends in arrears $609,600 1,200,000 660,000 (60,000) 48,600 How many shares of preferred stock are issued and outstanding