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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
Answer the following questions 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?
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