Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet

Answer 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 attached Excel^® spreadsheet and submit with your answers.

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Lachlin Corporation Balance Seet

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)                                               $    32,000

Total stockholders’ equity                                                                                             $4,626,000