Question 3 The following account balances relate to the stockholders' equity accounts of Kerbs Corp. at year-end. 2020 2019 Common stock, 10,500 and 10,000 shares, respectively, for 2020 and 2019 Preferred stock, 5,000 shares Retained earnings $157,800 129,800 302,300 $130,700 129,800 248,000 A small stock dividend was declared and issued in 2020. The result of the stock dividend was to decrease retained earnings by $10,800 and increase common stock by $10,800. Cash dividends were $15,700 in both 2020 and 2019. The common stock has no par or stated value. (a) Your answer is correct. What was the amount of net income reported by Kerbs Corp. in 2020? Net income 80800 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 5 used (b) Your answer is correct. Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2020. Common stock 16300T Inflow Dividends 15700 7 outflow + Click if you would like to show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 5 used (c) Indicate where each of the cash inflows or outflows identified in (b) would be classified on the statement of cash flows. Common stock Dividends Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 5 used