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9. Hawkeye, Inc. had beginning retained earnings of $320,000 on January 1, 2016. During the year, Hawkeye declared and paid $120,000 of cash dividends and earned $200,000 of net income. Prepare a statement of retained earnings for Hawkeye, Inc. for the year ending December 31, 2016. (Use a minus sign or parentheses when subtracting numbers.) Hawkeye, Inc. Statement of Retained Earnings Year Ended December 31, 2016 6. Colvin Corporation has two classes of stock: Common, $2 par value; and Preferred, $4 par value. Journalize the issuance of 10,000 shares of common stock $15 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanations Debit Credit True Comfort Specialists, Inc. reported the following stockholders' equity on its balance sheet at June 30, 2016: (Click the icon to view the partial balance sheet.) Requirements 1. Identify the different classes of stock that True has outstanding. 2. What is the par value per share of True's preferred stock? 3. Make two summary journal entries to record issuance of all the True stock for cash. Explanations are not required. No preferred dividends are in arrears. Journalize the declaration of a $700,000 dividend at June 30, 2016, and the payment of the dividend on July 20, 2016. Use separate Dividends Payable accounts for preferred and common stock. An explanation is not required. 4. Requirement 1. Identify the different classes of stock that True has outstanding. True has outstanding. 1,300,000 Stockholders' Equity Paid-In Capital: Preferred Stock6%, ? Par Value: 700,000 shares authorized, 260,000 shares issued and outstanding $ Common Stock-$1 Par Value; 4,000,000 shares authorized, 1,360,000 shares issued and outstanding Paid-In Capital in Excess of ParCommon Total Paid-In Capital Retained Earnings $ Total Stockholders' Equity 1,360,000 3,000,000 5,660,000 12,100,000 17,760,000