Chapter 10: In class assignment-Answers to be submitted in Canvas M Enterprises Balance Sheet (partial) At December 31, Year 4 Stockholders' Equity: Preferred stock ($80 par) Common stock ($0.05 par) Additional Paid in capital Total paid in capital Retained earnings Treasury stock (3,000 common shares) Total stockholders' equity $400,000 5,000 1,535,000 1,940,000 335,000 (60,000) $2,215,000 1. How many shares of preferred stock have been issued? 2a. How many shares of common stock have been issued? 2b. How many of the common shares are outstanding? 3. If the common shares were issued at $15.00 per share, at what average price per share were the preferred shares issued? 4. If retained earnings at the beginning of the period was $295,000 and $115,000 was earned in net income, what was the amount of dividends declared during the year? $__ 5. What was the average cost per share of the treasury stock acquired