Im a bit lost cause this is my anwer sheet and it starts with Feb. 1 (partA)

P14-2B The stockholders' equity accounts of Holt Inc., at January 1, 2017, are as follows. $600,000 Preferred Stock, $100 par, 7% Common Stock, $10 par 900,000 100,000 Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings 200,000 500,000 There were no dividends in arrears on preferred stock. 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 $72,000 overstatement of 2016 depreciation on equipment. (Ignore income taxes.) Paid the cash dividend declared on July 1. Sept. 1 Dec. 1 Declared a 10% stock dividend on common stock when the market price of the stock was $16 per share. 15 Declared a 7% cash dividend on preferred stock payable January 31, 2018. Determined that net income for the year was $350,000. 31 Instructions (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. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a retained earnings statement for the year. (d) Prepare a stockholders' equity section at December 31, 2017. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 (a) Date Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 General Journal (b) Preferred Stock Date Jan. 1 Balance Explanation Account Titles Ref. Debit Debit Credit Credit Balance 600,000 1 NM 3 5 6 7 8 9 10 11 12 13 DHBK5228 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30