The stockholders' equity section of Concord Corporation balance sheet at December 31 is presented here: CONCORD CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 3,000 shares issued and outstanding $300,000 Common stock, no par, 760,000 shares authorized, 620,000 shares issued 6,200,000 Total paid-in capital 6,500,000 Retained earnings 1,430,000 Total paid-in capital and retained earnings 7,930,000 Less: Treasury stock (7,000 common shares) 42,000 Total stockholders' equity $7,888,000 From a review of the stockholders' equity section, answer the following questions. How many shares of common stock are outstanding? Outstanding shares shares Assuming there is a stated value, what is the stated value of the common stock? Stated value of common stock $ per share What is the par value of the preferred stock? Par value of preferred stock $ per share If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock? (Round answer to 2 decimal places, e.g. 52.75.) Dividend rate on preferred stock 96 If dividends of $66,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? Balance for Retained Earnings