The stockholders' equity section of Sheffield Corp. at December 31 is as follows. $250,000 Sheffield Corp. Balance Sheet (Partial) Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding Common stock, no par, 790,000 shares authorized, 580,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (8,000 common shares) Total stockholders' equity 1,160,000 1,410,000 1,858,000 3,268,000 46,400 $3,221,600 From a review of the stockholders' equity section, as chief accountant, write memo to the president of the company answering 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 stock? per share $ What is the par value of the preferred stock? per share $ (d) If the annual dividend on preferred stock is $20,000, what is the dividend rate on preferred stock? % (e) If dividends of $40,000 were in arrears on preferred stock, what would be the balance in Retained Earnings? $ Click if you would like to Show Work for this question: Open Show Work