The stockholders' equity accounts of Holt Inc, at January 1, 2017, are as follows. There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events Declared a $0.50 cash dividend per share on common stock. Discovered a $72,000 overstatement of 2016 depreciation on equipment. (Ignore income taxes.) Paid the cash dividend declared on July 1 Declared a 10% stock dividend on common stock when the market price of the stock was $16 per share Declared a 7% cash dividend on preferred stock payable January 31, 2018 Determined that net income for the year was $350,000 (a) Journalize the transactions and the closing entries for net income and dividends. (b) Enter the beginning balances in the accounts and post to the stockholders' equity accounts. (c) Prepare a retained earnings statement for the year. (d) Prepare a stockholders' equity section at December 31, 2017