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The stockholders' equity section of Lachlin Corporation's balance sheet at

The stockholders' equity section of Lachlin Corporation's balance sheet at

The stockholders' equity section of Lachlin Corporation's balance sheet at December 31 is presented here.

Instructions
From a review of the stockholders' equity section, answer the following questions.
(a) How many shares of common stock are outstanding?
(b) Assuming there is a stated value, what is the stated value of the common stock?
(c) What is the par value of the preferred stock?
(d) If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?
(e) If dividends of $72,000 were in arrears on preferred stock, what would be the balance reported for retained earnings?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...

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Transcribed Image Text

LACHLIN CORPORATION Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding 580,000 shares issued Total paid-in capital s 600,000 Common stock, no par, 750,000 shares authorized 2,900,000 3,500,000 1,158,000 4,658,000 32,000 $4,626,000 Retained earnings Total paid-in capital and retained earnings Less: Treasury stock (6,000 common shares) Total stockholders' equity

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