(d) Your answer is partially correct. Try again. Prepare a stockholders' equity section at December 31, 2017. (Enter account name only and do not provide descriptive information.) KARP COMPANY Balance Sheet (partial) 31, 2017 Paid-in Capital Capital Stock Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Additional Paid-in Capital Total Paid-in Capital and Relained Earnlings O Type here to search Capital Stock Preferred Stock 202, ommon Stock Paid-in Capital in Excess of Par-Preferred Stock Additional Paid-in Capital Total Paid-in Capital and Retained Earnings Property, Plant and Equipment Retainad Earnings Total Equity Click if you would like to Show Work for this question: Qon Shler Wadk O Type here to search Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows Preferred Stock, 6%, $50 par Common Stock, $7 par Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings 1,109.500 202,000 305,500 784,500 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events July 1 Declared a $0.60 cash dividend per share on common stock Aug. 1 Discovered $21,000 understatement of depreciation expense in 2016. (ignore income taxes ) Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 15% stock dividend on common stock when the market price of the stock was $15 per share 15 Declared a 6% cash dividend on preferred stock payable lanuary is, 2013. 31 Determined that net income for the year as $309.000 31 Racognized a $210,000 restriction of retained earnings for plant expansion. Y (a) Your ansvier is partially correct. Try again Journalizs the transactions, events, and closing entries for net income and dividends. (Credit account titles are automatically inde enter O for the amounts. Record journal entries in the order presented in the problem.) Credit Date Account Titles and Explanation Debit 665,700 Dividends Payable 665,700 AugLRatained Earnings O Type here to search