Exercise 11.11 The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here. Lachlin Corporation Balance Sheet (partial) Stockholders Equity Paid-In Capital Preferred stock, cumulative, 10,000 shares 600,000 authorized, 6,000 shares issued and outstanding. Common stock, no par, 750,000 shares 2,900,000 authorized, 580,000 shares issued. 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 Instructions From a review of the stockholders' equity section, answer the following questions. a) How many shares of common stock are outstanding? Are those 6,000 shares of Treasury Stock outstanding... or not? b) Assuming there is a stated value, what is the stated value of the common stock? Stated value is determined by calculating ("Total $ of common" divided by "??" c) What is the par value of the preferred stock? 5 of 11 2161 words Focus Mach