examining the stockholders' equity section of the balance sheet

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Question description
Purpose of Assignment
The purpose of this assignment is to help you become familiar with examining the stockholders’ equity section of the balance sheet.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making, Ch. 11
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?
The essay will comply with APA formatting guidelines. Introduction and conclusion paragraphs are required. The essay will have the following five section headings: (1) Outstanding Shares of Common Stock,(2) Stated Value of Common Stock, (3) Par Value of Preferred Stock, (4) Dividend Rate on Preferred Stock, and (5) Dividends in the Arrears. The questions above are not to be used as section headings.
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