Problem 11-5A The post-closing trial balance of Storey Corporation at December 3 2015, contains the following stockholders' equity accounts. Preferred Stock (14,400 shares issued) $720,000 2,847,900 Common Stock (258,900 sh aid-in Capit all in Excess of Par-Preferr ed Stock 248,600 Paid-in Capital n E of Par-Common Stock 406,800 Common Stock Dividends Distributable 284,790 Retained Earnings 908,850 A review of he accounting records reveal the follo No errors have been made n recording 2015 transactions o eparing the try for net ng en and cumulative 4,400 shar es have been outsta Preferred ock is $50 par, 65% ndin since nuary 1, 2014. uthoriz ed stock is 19,400 shares of prefemed, 517B00 shares of common with a $11 pa The nuary 1 balanc e in Retained Ea as $1,130,700 ming5 Wi 21,800 shares of common stock were issued for cash at $18 per share On Jul G. On September 1, the company discovered an understatement emor of $911200 in computing depreciation in 2014, which overstated net income. The net of tax effect of $63,840 was properly debited directly to Retained Earnings. A cash divi dend of $284,790 was declared and properly aloca ed to prafemed and co tock on October 1, No di dends era paid to preferred stockholders in 2014. 8. On December 31, a 105h common stock dividend was dedared aut af retained earnings an Common stodk when the market price per share was $18. for the y S592,800 10. On December 31, 2015, the directors authorized disclosure of a $200,900 restriction of retained earnings lor plant expansion. (Use Note X.) Your answe is partially correct. Try aaain