The stockholders' equity accounts of Karp Company at January 1, 2017, areas follow. Preferred Stock, 6%, $50 par $600,000 Common Stock, $5 par 800,000 Paid-in Capital in Excess of Par-Preferred Stock 200,000 Paid-in Capital in Excess of Par-Common Stock 300,000 Retained Earnings 800,000 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. July, I Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $25,000 understatement of depreciation expense in 2016 (Ignore income taxes.) Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 15% stock dividend on common stock when the ma, keel p. u, stock was $ 18 per share. 31 Declared a 6% cash dividend on preferred payable January 15, 2018 Determined that net income for the year was $355 000 Recognized a $200,000 restriction of retained earnings for plan, expansion Journalize the transactions, events and closing entries for net income and dividends. Enter the beginning balances in the accounts, and post to the stockholders' equity accounts. Prepare a retained earnings statement for the year. The post-closing trial ton frill