Please complete the Excel spreadsheet and corresponding second sheet with 1050 words that answer the questions below. The excel spreadsheet and answers to the questions should be different files. Attached the assignment, the excel spreadsheet and grading requirements.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. 11Answer 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?Use the Week 4 Excel® spreadsheet and submit with your answers.Click the Assignment Files tab to submit your assignment.
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