Splish Brothers Inc. Balance Sheet (Partial) Paid-in capital Preferred stock, cumulative, 10,000 shares authorized 6,000 shares issued and outstanding Common stock, no par. 710,000 shares authorized, 500,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (10,000 common shares) Total stockholders' equity $300,000 1,000,000 1,300,000 1,858,000 3,158,000 62,000 $3,096,000 From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. (a) shares How many shares of common stock are outstanding? Assuming there is a stated value what is the stated value of the common stock? per (b) c) share $ per share (d) What is the par value of the preferred stock? If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock? If dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? % (e)