(The following information applies to the questions displayed below.) The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ and shares in thousands) Stockholders' equity: Preferred stock, $1 par value Common stock, $1 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock, 12,000 common shares Total stockholders' equity $ 5,500 25,000 842,000 872,500 283,000 (324,000) $ 831,500 Based on the stockholders' equity section of Velcro World, answer the following questions. Remember that all amounts are presented in thousands. Required: 1. How many shares of preferred stock have been issued? (Enter you answer in total number of shares, not in thousands.) Answer is complete but not entirely correct. Number of shares 55,000 X