Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making, Ch. 11Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet located below instructions: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 $36,000, what is the dividend rate on preferred stock?If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?Use the Week 4 Excel® spreadsheet and submit with your answers.Stockholders’ equity Paid-in capital – Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $ 600,000 – Common stock, no par, 750,000 shares authorized, 580,00 shares issued $2,900,000 – Total paid in Capital $3,500,000 – Retained Earnings $1,158,000 – Total paid-in capital and retained earnings $4,658.000 – Less: Treasury stock ( 6,000 common shares) $ 32,000Total stockholders’ equity $4,626,000
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