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i Chrome File Edit iew History Bookmarks People Window Help , 4896 L Tue 9:41 PM a E chegg.com Not Secure l edugen.wileyplus.com/edugen/ti/main.uni Chega Stu The P On January Chegg The Post-cl... Return to Blackboard Chegg Study TEXTBOOK SOLUTIONS EXPERT O&A; WileyPLUS gandt , Accounting Principles, 12e PRINTER VERSION BACK Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following stockholders\' equity accounts $790,000 2,600,000 Preferred Stock (15,800 shares issued) Cammon Stack (260,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 388,000 992,320 ABOUT CHEGG Medla Center Colege Marketing Privacy Policy Your CA Privacy Rights Terms of Use General Policies ntellectual Property Rights Inwestor Relations TEXTBOOK LINK Return Your Boo Textbook Rental RESOURCES A review of the accounting records reveals the following. Site Map 1. No errors have been made in recording 2017 transactions or in preparing the closing entry for net income Preferred stock is $50 par, 6%, and cumulative; L 5,800 shares have been outstanding since January 1, 2016. Authorized stock is 20,800 shares of preferred, 520,000 shares of common with a $10 par value. 2. Join Our Affliate Program Advertising Cholces Used Textbookks Cheap Textbooks College Textbook Sell Textbooks 3. 4. The January 1 balance in Retained Earnings was $1,190,000 S On uty 1, 19,400 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $92,400 in computing salaries and wages expense in 2016. The net of tax effect of 564,680 was properly debited directly to Retained Earnings A cash dividend of $260,000 was declared and properly allocated to preferred and common stock on Octaber 1. No dividends were paid to preferred stackhalders in 7. Enrollment Services LEARNING SERV Online Tutoring Chegg Study He Solutions Manual Tutors by City GPA Calculator Test Prep on December 31, a 10% common stock dividend was declared out of retained eamings on common stock when the market price per share was $18 8, Chegg Play Study 101 Chegg Coupon Customer Service Give Us Feedback Chegg For Good Become a Tutor 9. Net income for the year was s595,000. 10. On December 31, 2017, the directors uthorized disclosure of a $208,000 restriction of retained earnings for plant expansion. (Use Note X.) Career Search Your answer is partially correct. Try again. College Search Col.lege Majors Scholarship Redemption Reproduce the Retained Earnings account for 2017. (List items in order presented in the problem.)

Solution

Allocation of Dividend :-

Particulars	Amount($)	Amount($)
Total Dividend Paid		260000
Less : Preferred share\'s Dividend :-
For 2016 ((15800*$50)*6%)	47400
For 2017 ((15800*$50)*6%)	47400	(94800)
Remaining for Common Stock Holder\'s		165200