MESSAGE HNSIRICT (d) Your answer is partially corect. Try again. Prepare a stockholders' equity section at December 31, 2017. (Enter account name only and do not provide descriptive informatios KARP COMPANY Balance Sheet (partial) December 31, 2017 Stockholders Equity Capital Stock Capital Stock re to search MESSAGE MY NSTRUCTOR I Problem 14-2A (Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows: Preferred stock, 6%, $50 par Common Stock, $7 par Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $585,000 1,109,500 202,000 305,500 784,500 There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events. Duly 1 Declared a $0.60 cash dividend per share on common stock. Aug. 1 Discovered $21,000 understatement of depredation 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 market price of the stock was $15 per share. 15 31 31 Declared a 6% cash dividend on preferred stock payable January 15, 2018. Determined that net income for the year was $309,000. Recognized a $210,000 restriction of retained earnings for plant expansion (a) Your answer is partially correct. Try again. Journalize the transactions, events, and closing entries for net income and dividends. (Credit account titles are automatically in manualy. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal DebitCredit Date Account Titles and Explanation ere to search