I will provide you with the information you need to find the balance sheet. Also I have uploaded the worksheet that will need to be filled out as well as a separate word document for the following
Answer the following questions in 1,050 words using the Lachlin Corporation Balance Sheet located on p. 575 of Financial Accounting:
· 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?