Problem 11-5A (Part Level Submission) The post-closing trial balance of Storey Corporation at December 31, 2015, contains the following stockholders' equity accounts. Preferred Stock (15,400 shares issued) Common Stock (259,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $770,000 2,849,000 253,300 381,500 284,900 924,820 A review of the accounting records reveals the following. 1. No errors have been made in recording 2015 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 15,400 shares have been outstanding since January 1, 2014. 3. Authorized stock is 20,400 shares of preferred, 518,000 shares of common with a $11 par value. 4. The January 1 balance in Retained Earnings was $1,152,700. 5. On July 1, 21,000 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $89,400 in computing depreciation in 2014, which overstated net income. The net of tax effect of $62,580 was properly debited directly to Retained Earnings. 7. A cash dividend of $284,900 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2014. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 9. Net income for the year was $585,800. 10. On December 31, 2015, the directors authorized disclosure of a $208,600 restriction of retained earnings for plant expansion. (Use Note X.) (a) Reproduce the Retained Earnings account for 2015. (List items in order presented in the problem.) Retained Earnings Reproduce the retained Earnings account for 2015. (List items in order presented in the problem.) Retained Earnings SHOW LIST OF ACCOUNTS Prepare a retained earnings statement for 2015. (List items that increase retained earnings first.) STOREY CORPORATION Retained Earnings Statement For the Year Ended December 31, 2015 SHOW LIST OF ACCOUNTS Prepare a stockholders' equity section at December 31, 2015. (Enter account name only and do not provide descriptive information.) STOREY CORPORATION Partial Balance Sheet December 31, 2015 SHOW LIST OF ACCOUNTS Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock si Allocation of the cash dividend to common stock el