Medici Inc., has the following stockholders€™ equity section of the balance sheet:
Medici Inc.
Balance Sheet (Partial)

Required:
1. How many shares of preferred stock are authorized?
2. How many shares of common stock are outstanding?
3. What was the average selling price for the common stock when issued?
4. What was the average repurchase price for the treasury shares?
5. If the annual dividends on the preferred stock are $0.80 per share, what is the dividend rate on the preferred stock?

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Stockholders' equity: Preferred stock, 100,000 shares authorized 30,000 issued and outstanding 300,000 Common stock, 1,000,000 shares authorized; 600,000 issued; 550,000 outstanding 1,200,000 Additional paid-in capital Preferred stock Common stock $ 90,000 4,800,000 4,890,000 6,090,000 450,000 22,000 800,000 $5,762,000 Total capital stock Retained earnings Accumulated other comprehensive income Less: Treasury stock, at cost Total stockholders' equity