PRINTER VERSIONBACK Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following stockholders' equity accounts. Preferred Stock (15,000 shares issued) Common Stock (243,000 shares issued) Pald-in Capital in Excess of Par-Preferred Stock $750,000 2,430,000 243,000 409,000 243,000 982,560 Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings A review of the accounting records reveals the following. No errors have been made in recording 2017 transactions or in preparing the closing entry for net income Preferred stock is $50 par, 6%, and cumulative. 5,000 shares have been outstanding since January 1, 2016. Authorized stock is 20,000 shares of preferred, 486,000 shares of common with a $10 par value. The January 1 balance in Retained Earnings was $1,150,000. 1. 2. 3. 4. S. On July 1, 18,800 shares of common stock were issued for cash at $18 per share. of $87,200 in d an understatement error of $87.200 in computing salaries and wages expense in 2016. The On September 1, the company discovered net of tax effect of $61,040 was properly debited directly to Retained Earnings A cash dividend of $243,000 to preferred stockholders in 2016 On December 31, a 10% commo share was $18. 6. was declared and properly allocated to preferred and common stock on October 1. No dividends were paid 7. B. 9. Net income for the year was $574,000 10. On December 31, 2017, the directors authorized disclosure of a $204,000 restriction of retained earnings for p n stock dividend was declared out of retained earnings on common stock when the market price per lant expansion. (Use