Project Summary: Answer the following questions, write a 1,050 word paper using the Lachlin Corporation Balance Sheet located below attachment. -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?