The stockholders’ equity section of Kay Corporation at the end of the current year showed: Preferred stock (6%, $40 par, 10,000 shares authorized, 

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6,000 shares issued and outstanding) Common stock ($6 par, 80,000 shares authorized, 53,000 issued, 52,650 shares outstanding) Paid-in capital in excess of par, preferred stock. Paid-in capital in excess of par, common stock. Retained earnings. Less treasury stock (350 shares at cost) Total stockholders' equity 1. What is the dollar amount to be reported for preferred stock? $ 7 318,000 ? 129,000 86,000 (2,000) $ ? 2. What is the average price for which common stock was issued? (Round to the nearest cent.) 3. If preferred stock was issued at an average price of $43 per share, what amount should appear in the paid-in capital in excess of par, preferred stock account? 4. What is the average cost per share of treasury stock? (Round to the nearest cent.) 5. Assuming that the preferred stock was issued for an average price of $43 per share, what is total stockholders' equity? 6. If net income for the year were $67,000 and if only dividends on preferred stock were paid, by how much would retained earnings increase?