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Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following...

Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following stockholders’ equity accounts. Preferred Stock (15,600 shares issued) $780,000 Common Stock (242,000 shares issued) 3,630,000 Paid-in Capital in Excess of Par—Preferred Stock 242,000 Paid-in Capital in Excess of Par—Common Stock 388,000 Common Stock Dividends Distributable 363,000 Retained Earnings 901,220 A review of the accounting records reveals the following. 1. No errors have been made in recording 2017 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 15,600 shares have been outstanding since January 1, 2016. 3. Authorized stock is 20,600 shares of preferred, 484,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1,190,000. 5. On July 1, 21,500 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $87,400 in computing salaries and wages expense in 2016. The net of tax effect of $61,180 was properly debited directly to Retained Earnings. 7. A cash dividend of $363,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2016. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 9. Net income for the year was $571,000. 10. On December 31, 2017, the directors authorized disclosure of a $208,000 restriction of retained earnings for plant expansion. (Use Note X.) Your answer is partially correct. Try again. Reproduce the Retained Earnings account for 2017. (List items in order presented in the problem.) Retained Earnings Link to Text Link to Text Link to Text Link to Text Your answer is incorrect. Try again. Prepare a retained earnings statement for 2017. (List items that increase retained earnings first.) STOREY CORPORATION Retained Earnings Statement $ : : $ $ Link to Text Link to Text Link to Text Link to Text Your answer is incorrect. Try again. Prepare a stockholders’ equity section at December 31, 2017. (Enter account name only and do not provide descriptive information.) STOREY CORPORATION. Partial Balance Sheet $ $ $ Link to Text Link to Text Link to Text Link to Text Your answer is incorrect. Try again. Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock $ Allocation of the cash dividend to common stock $ Link to Text Link to Text Link to Text Link to Text Question Attempts: Unlimited Save for later Submit Answer

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