The stockholders equity accounts of Gonzalez, Inc., at January 1, 2017, are as follows. Preferred Stock, no par, 4,800 shares issued $480,000 Common Stock, no par, 100,000 shares issued 500,000 Retained Earnings 580,000 During 2017, the company had the following transactions and events. July 1 Declared a $0.50 cash dividend per share on common stock. Aug. 1 Discovered a $67,000 overstatement of 2016 depreciation expense. (Ignore income taxes.) Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 10% stock dividend on common stock when the market price of the stock was $12 per share. 15 Declared a $8 per share cash dividend on preferred stock, payable January 31, 2018. 31 Determined that net income for the year was $360,000.