Shown below is information relating to the stockholders' equity of Reeve Corporation as of December $31,$ Year $1$: $4\mathrm{.}0\%$ cumulative preferred stock, $$100$ par value; authorized, $??$ shares; issued and outstanding, $??$ shares

Common stock, $$10$ par value; authorized, $300,000$ shares; issued and outstanding, $128,000$ shares

Additional paid$-$in capital: Common stock

Retained earnings $($Deficit$)$

Dividends in arrears

$

$700,000$

$1,280,000$

$512,000$

$(64,000)$

$28,000$

How many shares of preferred stock are issued and outstanding?

Select one:

a$.70,000$ shares

b$.12,800$ shares

c$.7,000$ shares

d$.30,000$ shares