Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows: Preferred Stock, 696, $50 par Common Stock, $5 par Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $590,000 805,000 198,500 310,500 844,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July 1 Aug. 1 Sept. 1 Dec. 1 15 31 31 Declared a $0.60 cash dividend per share on common stock. Discovered $28,000 understatement of depreciation expense in 2016. (Ignore income taxes.) Paid the cash dividend declared on July 1. Declared a 15% stock dividend on common stock when the market price of the stock was $17 per share. Declared a 6% cash dividend on preferred stock payable January 15, 2018. Determined that net income for the year was $368,00o. Recognized a $190,000 restriction of retained earnings for plant expansion. (a) t titles n the order presented in t are automatically r the amounts. Record jou Date Account Titles and Explanation Debit ournalize the transactions, events, and dosing entries for net income and dividends.(Credit ccont iales are automatically indented whee amount i ontered Do select "No Eatry" for the account titles and onter o for the amounts Record journal entries in the order preseted in the prm