The year end balance sheet of CP, In., include the following stockholders’ equity section (with certain details omitted). Stockholders’ equity: Capital stock: 7% cumulative preferred stock, $100 par value…………….   $15,000,000 Common stock, $5 par value, 5,000,000 shares Authorized, 4,000,000 shares issued and outstanding…… 20,000,000 Additional paid in capital: Common stock………………………………………………………………  44,000,000 Retained earnings…………………………………………………………   64,450,000 Total stockholders’ equity……………………………………………   $143,450,000 From this information, I must compute the answers to the following question. How many shares of preferred have been issued? What is the total amount of the annual dividends to which preferred stockholders are entitled? What was the average issuance price per share common stock?

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