The stockholders' equity section of Able Corporation at December 31 is as follows.

Able Corporation Balance Sheet (partial)
Paid-in capital
Preferred stock, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding	$300,000
Common stock, no par, 750,000 shares authorized, 600,000 shares issued	1,200,000
Total paid-in capital	1,500,000
Retained earnings	1,858,000
Total paid-in capital and retained earnings	3,358,000
Less: Treasury stock (75,000 common shares)	75,000
Total stockholders' equity	$3,283,000

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)	How many shares of common stock are outstanding?
(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?

(e)	If dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings?