Assignment MESSAGE MY INSTRUCTOR URCES Broadening Your Perspective 14-5 The stockholders' equity accounts of Gonzalez, Inc, at January 1, 2017, are as follows Preferred Stock, no par, 6,800 shares issued $680,000 Common Stock, no par, 104,000 shares issued 520,000 Retained Earnings Plus 570,000 During 2017, the company had the following transactions and events. July Aug. Sept. 1 1 1 1 15 Dedlared a $4 per share cash dividend on preferred stock, payable January 31, 2018. 31 Determined that net income for the year was $320,000. Declared a $0.50 cash dividend per share on common stock. Discovered a $65,000 overstatement of 2016 depreciation expense. (Ignore income taxes.) Paid the cash dividend declared on July 1. Dedared a 10% stock dividend on common stock when the market price of the stock was $11 per share. 14-1 14-2 ion 04 Dec. tion 0 tion 10 tion 1i stion 12 stion 15 Prepare a retained earnings statement for the year. There are no preferred dividends in arrears. (List items that increase retain GONZALEZ, INC. Retained Earnings Statement ts by ve ment ! PrivacUPolice I 2000-201aJohnwiensonainc. All Rights Reserved. A Division ofJohnwuleraSana ine