The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock - $5 par, 500,000 shares authorized $300,000 Paid-In Capital in Excess of ParCommon Stock 620,000 Preferred Stock - $100 par, 100,000 shares authorized 530,000 Paid-In Capital in Excess of Par-Preferred 200,000 Retained Earnings 250,000 Treasury Stock (cost - $10 per share) 110,000 How many shares of common stock are outstanding? Your Answer: Answer Question 24 (3 points) The Torre Company has the following stockholders' equity account balances in stockholders equity on December 31. Common Stock - $5 par, 60,000 shares issued $400,000 Paid-In Capital in Excess of Par-Common Stock 640,000 Preferred Stock - $100 par, 5,000 shares issued 560,000 Paid-In Capital in Excess of Par-Preferred Retained Earnings 190,000 290,000 Treasury Stock (cost - $10 per share) 80,000 If net income for the year was $75,000 and a preferred stock dividend of $40,000 was paid, what was the beginning value of retained earnings?