mystur ule year ended December 31, 2019. Assume that only single-period financial state DAKOTA CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2019 Balance, December 31, 2018, as originally reported . 4,000,000 Less: Prior period adjustment from error overstating rent income 500,000 Less: Income tax effect 225.000 275,000 As restated 3,725,000 Add: Net income 2,600,000 6,325,000 Deduct dividends: Cash dividend on preferred stock 180,000 Dividend in kind on common stock Balance, December 31, 2019 Feedback Check My Work You should prepare journal entries for the transactions in this problem and post the information to t-accounts. This will help you to ore statements Check My Work Emaille Comprehensive Dakota Corporation had the following shareholders equity account bales December 31, 2015 Preferred stock $1,800,000 Additional paid in Capital on preferred stock 90.000 Common stock 5.150,000 Additional paid in capital on common stock 3,500,000 Retained earnings 1,000,000 Unrealized decrease in value of marketable et souris 2:45,000 Treasury common stock 270.000 Transactions during 2019 and other information relating to the shareholders equity counts were as follows: 1. Dakota's preferred and common shares are traded on the over the counteret At December 11, 2010. Dakota had 100,000 to $100 pr. 104, cumulative fred stock and 3,000,000 authorized shares of no common stock with a stated value of 15 per share 2. On January 9, 2019, Dakota formartie 20,000 shares of its treasury common stock and had them over to run sebe. The true to hostem for January 20 2010. The shares were originally $10 per share 3. Dakota owned 10,000 shares of the common wock purchased in 2016 for $750,000. The Bush stock was included in Dakota hortumble une portfolio at the end of 2018 a value of $650,000. On February, 2019, Dakota declared a verdin Mind of share of us for every 100 shares of cock by anholders of record om February 27, 2019. The market price of Bush common stock was por share on February 13, 2019. The dividend in kind wat dach 12. 2019 4. On April 2, 2019.250,000 stock rights red to the common roles permitting the porch of whare of common stock in charge for and 11 cash on Art 2019, 210,000 stock rights were red when the market price of Dakotamon stock was 313 per share. Dakota dewastowe transaction. The remaining 10.000 rights were not exercised and expired 5. On December 10, 2019, Dakota dedared the early cash didend on referred to payable on January 14, 2020, to shareholders of record on December 1, 2019 6. After the year and adjustment, the Unie Decrease Vole of Marketable Guity Securities account had a debit balance of $135,000 at December 31, 2010 7. on January 14, 2020, before the accounting records were dosed for 2019. Dakota became aware that an income for the year ended December 2015, was stated by 5500.000. The after tax effect on 2018 net income was $235.000. The appropriate correcting entry was recorded the same day 9. After correcting the rent income, net income for 2019 was $3,000,000 Required 2. Prepare the shareholders' equity section of Dakota's balance sheet at December 31, 2019. DAKOTA CORPORATION Shareholders' Equity Section of Balance Sheet December 31, 2019 Contributed Capital: Preferred stock, $100 par, 10% cumulative 1,800,000 Common stock, $5 stated value Additional paid-in capital: On preferred stock 6,050,000 90,000 On common stock From treasury stock 30,000 Total additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Unrealized decrease in value of marketable equity securities 111 Total shareholders' equity 20.242.500 X Feedback W Check My Work You should refer to the journal entries and t-accounts prepared for requirement 1 of this problem. mystur ule year ended December 31, 2019. Assume that only single-period financial state DAKOTA CORPORATION Statement of Retained Earnings For the Year Ended December 31, 2019 Balance, December 31, 2018, as originally reported . 4,000,000 Less: Prior period adjustment from error overstating rent income 500,000 Less: Income tax effect 225.000 275,000 As restated 3,725,000 Add: Net income 2,600,000 6,325,000 Deduct dividends: Cash dividend on preferred stock 180,000 Dividend in kind on common stock Balance, December 31, 2019 Feedback Check My Work You should prepare journal entries for the transactions in this problem and post the information to t-accounts. This will help you to ore statements Check My Work Emaille Comprehensive Dakota Corporation had the following shareholders equity account bales December 31, 2015 Preferred stock $1,800,000 Additional paid in Capital on preferred stock 90.000 Common stock 5.150,000 Additional paid in capital on common stock 3,500,000 Retained earnings 1,000,000 Unrealized decrease in value of marketable et souris 2:45,000 Treasury common stock 270.000 Transactions during 2019 and other information relating to the shareholders equity counts were as follows: 1. Dakota's preferred and common shares are traded on the over the counteret At December 11, 2010. Dakota had 100,000 to $100 pr. 104, cumulative fred stock and 3,000,000 authorized shares of no common stock with a stated value of 15 per share 2. On January 9, 2019, Dakota formartie 20,000 shares of its treasury common stock and had them over to run sebe. The true to hostem for January 20 2010. The shares were originally $10 per share 3. Dakota owned 10,000 shares of the common wock purchased in 2016 for $750,000. The Bush stock was included in Dakota hortumble une portfolio at the end of 2018 a value of $650,000. On February, 2019, Dakota declared a verdin Mind of share of us for every 100 shares of cock by anholders of record om February 27, 2019. The market price of Bush common stock was por share on February 13, 2019. The dividend in kind wat dach 12. 2019 4. On April 2, 2019.250,000 stock rights red to the common roles permitting the porch of whare of common stock in charge for and 11 cash on Art 2019, 210,000 stock rights were red when the market price of Dakotamon stock was 313 per share. Dakota dewastowe transaction. The remaining 10.000 rights were not exercised and expired 5. On December 10, 2019, Dakota dedared the early cash didend on referred to payable on January 14, 2020, to shareholders of record on December 1, 2019 6. After the year and adjustment, the Unie Decrease Vole of Marketable Guity Securities account had a debit balance of $135,000 at December 31, 2010 7. on January 14, 2020, before the accounting records were dosed for 2019. Dakota became aware that an income for the year ended December 2015, was stated by 5500.000. The after tax effect on 2018 net income was $235.000. The appropriate correcting entry was recorded the same day 9. After correcting the rent income, net income for 2019 was $3,000,000 Required 2. Prepare the shareholders' equity section of Dakota's balance sheet at December 31, 2019. DAKOTA CORPORATION Shareholders' Equity Section of Balance Sheet December 31, 2019 Contributed Capital: Preferred stock, $100 par, 10% cumulative 1,800,000 Common stock, $5 stated value Additional paid-in capital: On preferred stock 6,050,000 90,000 On common stock From treasury stock 30,000 Total additional paid-in capital Retained earnings Accumulated other comprehensive income (loss) Unrealized decrease in value of marketable equity securities 111 Total shareholders' equity 20.242.500 X Feedback W Check My Work You should refer to the journal entries and t-accounts prepared for requirement 1 of this