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The stockholders equity section of Haley Corporation at December 31 is as follows. HALEY CORPORATION Balance Sheet (partial) Paid-in capital Preferred stock, 10,000 shares authorized,

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

HALEY CORPORATION Balance Sheet (partial)

Paid-in capital

Preferred stock, 10,000 shares authorized, 6,000 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 (10,000 common shares)

64,000

Total stockholders equity

$3,294,000

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?

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