Question $4$ of $5$

$\frac{-}{15}$

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$