The stockholders' equity section of Kimbria Shumway Corporation at December 31 is as follows:

\section*{Instructions}
From a review of the stockholders' equity section, answer 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?

(d) If the annual dividend on preferred stock is \(\$ 48,000\), what is the dividend rate on preferred stock?

(e) If dividends of \(\$ 96,000\) were in arrears on preferred stock, what would be the balance reported for Retained Earnings?

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Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding Common stock, no par, 750,000 shares authorized, 600,000 shares issued Total paid-in capital Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (10,000 common shares) Total stockholders' equity $ 600,000 1,800,000 2,400,000 1,158,000 3,558,000 (64,000) $3,494,000