The stockholders' equity section of Haley Corporation at December 31 is as follows. From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. How many shares of common stock are outstanding? Assuming there is a stated value, what is the stated value of the common stock? What is the par value of the preferred stock? If the annual dividend on preferred stock is $20,000, what is the dividend rate on preferred stock? If dividends of $40,000 were in arrears on preferred stock, what would be the balance in Retained Earnings