The stockholders' equity section of Able Corporation at December 31 is as follows. Able Corporation Balance Sheet (partial) Paid-in capital $300,000 Preferred stock, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 600,000 shares issued 1,200,000 Total paid-in capital 1,500,000 1,858,000 Total paid-in capital and retained earnings 3,358,000 Less: Treasury stock (75,000 common shares) 75,000 $3,283,000 Total stockholders' equity From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. la. How many shares of common stock are outstanding? equals issued minus treasury stock total valueumber of issued b. Assuming there is a stated value, what is the stated value of the common stock? c. What is the par value of the preferred stock? d. If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock? Formulas for shares of stock issued issued outstanding -treasury shares treasury shares outstanding shares