The stockholders' equity section of Pharoah Company's balance sheet at December 31 is presented here. Pharoah Company Balance Sheet(partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $600,000 Common stock, no par, 860,000 shares authorized, 560,000 shares issued 2,800,000 Total paid-in capital 3,400,000 Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (8,000 common shares) Total stockholders' equity 1,858,000 5,258,000 41,600 $5,216,400 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? shares (b) Assuming there is a stated value, what is the stated value of the common $ per share