P17-2A

Determine casth flow effleces of P17-2A The following account balances relate to the stockholders' equity accounts of changes in equiry accosts. Kerbs Corp. at year-end 20172016 Common stock, 10,500 and 10,000 shares, respectively, for 2017 and 2016 Preferred stock, 5,000 shares Retained earnings $140,000 125,000 250,000 $170,000 125,000 300,000 A small stock dividend was declared and issued in 2017, The market value of the shares was $10,500. Cash dividends were $15,000 in both 2017 and 2016. The common stock has no par or stated value. Instructions (a) What was the amount of net income reported by Kerbs Corp. in 2017? (b) Determine the amounts of any cash inflows or outflows related to the common stock )Net micame $75,50 and dividend accounts in 2017 (c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows