Instructions The Stockholders' Equity category of Rausch Company's balance sheet as of December 31, 2016, appeared as follows: Rausch Company Partial Balance Sheet December 31, 2016 1 Stockholders' Equity Preferred stock, $100 par 8%, 2,000 shares issued and outstanding $200,000.00 Common stock, $10 par, 40,000 shares issued and outstanding 400,000.00 Additional paid-in capital Total contributed capital Retained earnings 500,000.00 $1,100,000.00 900,000.00 Total stockholders' equity $2,000,000.00 The notes to the financial statements indicate that dividends were not declared or paid for 2014 or 2015. Rausch wants to declare a dividend of $118,000 for 2016 Required: