E11-11. Answer questions about stockholders' equity section (LO 2, 4) The stockholders' equity section of Haley Corporation at December 31 is as follows. HALEY CORPORATION Balance Sheet (partial) 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 300,000 1.200,000 Total paid-in capital Total paid-in capital and retained earnings Total stockholders' equity 1,500,000 1,858,000 3,358,000 64,000 $3,294,000 Retained earnings Less: Treasury stock (10,000 common shares) Instructions From a review of the stockholders' equity section, as chief accountant, write a memo to the president of the company answering the following questions. How many shares of common stock are outstanding? Assuming there is a stated value, what is the stated value of the common stock? What is the par value of the preferred stock? If the annual dividend on preferred stock is $30,000, what is the dividend rate on preferred stock? (a) (b) (c) (d) (e) If dividends of $60,000 were in arrears on preferred stock, what would be the balance in Retained Earnings