LALLULAIURHESSALE HY INSTE Exercise 11-07 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 authorized, 6,000 shares issued and outstanding $ 600,000 Common stock, no par, 750,000 shares authorized, 580,000 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 From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock per share (c) What is the par value of the preferred stock? to search ssignment CALCULATOR MESSAGE MY INS From a review of the stockholders' equity section, answer the following questions. (a) How many shares of common stock are outstanding? Common stock outstanding ing shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock per share (c) What is the par value of the preferred stock? The par value of the preferred stock per share (d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock? The dividend rate () If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings? The Retained Earnings balance Click if you would like to Show Work for this question: Open Show Work re to search