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Problem 14-2A The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows. Preferred Stock, 69, $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 $575,000 1,123,500 198,500 285,500 786,000 There were no dividends in arrears on preferred stock. During 2017, he company had the following transactions and eo There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions July 1 Declared a $0.70 cash dividend per share on common stock Aug. 1 Discovered $28,500 understatement of depreciation expense in 2016. (Ignore income taxes.) Paid the cash dividend declared on July 1 Declared a 10% stock dividend on common stock when the market price of the stock was $20 per share. Sept. 1 Dec. 1 15 31 Declared a 6% cash dividend on preferred stock payable January 15, 2018. Determined that net income for the year was $333,000 31 Recognized a $215,000 restriction of retained earnings for plant expansion nties for net income and dividends. (Credit account titles are au ntrles in the orden