Problem 11-4A (Part Level Submission) The ledger of Flint Corporation at December 31, 2017, after the books have been closed, contains the following stockholders' equity accounts Preferred Stock (12,300 shares issued) Common Stock (292,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock1,680,000 Retained Earnings $1,230,000 1,752,000 200,000 2,799,000 A review of the accounting records reveals this information: Preferred stock is 8%, $100 par value, noncumulative. Since January 1, 2016, 12,300 shares have been outstanding; 24,600 shares are authorized. 1. 2. Common stock is no-par with a stated value of $6 per share; 584,000 shares are authorized 3. The January 1, 2017, balance in Retained Earnings was $2,341,000. 4. On October 1, 60,000 shares of common stock were sold for cash at $10 per share. 5. A cash dividend of $397,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016. Net income for the year was $855,000. On December 31, 2017, the directors authorized disclosure of a $151,000 restriction of retained earnings for plant expansion. (Use Note A.) 6. 7. FLINT CORPORATION Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 1230000 Paid-in Capital in Excess of Par Value-Common St 200000 Capital Stock 1430000 Common Stock 1752000 Paid-in Capital in Excess of Par Value-Preferred St 1689999 Total Paid-in Capital 1430000 Retained Earnings 2799000 7661000 Total Stockholders' Equity