The comparative financial statements of Blige Inc. are as follows. The market price of Blige Inc. common stock was $53 on December 31, 2016

Blige Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2016 and 2015 2016 Retained earnings, January 1 $2,489,825 Add net income for year 524,400 Total $3,014,225 Deduct dividends $7,000 On preferred stock 37,050 On common stock Total $44,050 $2,970,175 Retained earnings, December 31 2015 $2,103,075 430,800 $2,533,875 $7,000 37,050 $44,050 $2,489,825