Answer the following questions using the shareholders’ equity section of Enthusiastic Learning Corporation’s balance sheet at June 30:

Shareholders’ equity

Preferred stock, cumulative, 15,000 shares authorized,

5,000 shares issued and outstanding............ $ 525,000

Additional paid-in capital, preferred stock .......... 75,000

Common stock, $1.00 par, 500,000 shares authorized,

375,000 shares issued.................. 375,000

Additional paid-in capital, common stock .......... 750,000

Retained earnings ..................... 855,000

2,580,000

Less: treasury stock (5,000 common shares).......... (25,000)

Total shareholders’ equity ................$2,555,000

1. How many shares of common stock are outstanding?

2. On average, what was the issue price of the common shares issued?

3. What is the par value of the preferred stock?

4. If the total annual dividend on preferred stock is $31,500, what is the dividend rate on preferred stock?

5. On average, how much per share did the company pay for the treasury stock?