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Problem 14-2A 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 $640,000 1,095,500 185,000 304,500 791,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Declared a $0.80 cash dividend per share on common stock. Aug. 1 Discovered $28,500 understatement of depreclation 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 $20 per share. 15 31 31 Declared a 6% cash dividend on preferred stock payable January 15, 2018. Determined that net income for the year was $392,000. Recognized a $203,000 restriction of retained earnings for plant expansion