The stockholders' equity section of Culver Corporation's balance sheet at December 31 is presented here. CULVER CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 11,500 shares authorized, 6,900 shares issued and outstanding Common stock, no par, 749,000 shares authorized, 579,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (5,700 common shares) Total stockholders' equity $ 690,000 1,737,000 2,427,000 1,192,000 3,619,000 30,400 $3,588,600 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding 573300 shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock $ 3 per share Common stock outstanding 573300 shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock 3 per share (c) What is the par value of the preferred stock? The par value of the preferred stock $ 100 per share (d) If the annual dividend on preferred stock is $48,300, what is the dividend rate on preferred stock? The dividend rate 7 % (e) If dividends of $71,100 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance $ 1120900