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Problem 14-3A The post-closing trial balance of Storey Corporation at December 31, 2017, contains the following stockholders' equity accounts. Preferred stock (14,900 shares issued) $740,000 Common Stock (254,000 shares issued) 810,000 Pald-In Capital In Excess of Par-Preferred Stock 254,000 Pald-In Capital In Excess of Par-Common Stock 398,000 Common Stock Dividends Distributable 381,000 Retained Earnings 851,590 A review of the accounting records reveals the following. 1. No errors have been made in recording 2017 transactions or in preparing the dosing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 14,800 shares have been outstanding since January 1, 2016 3. Authorized stock is 19,800 shares of preferred, 508,000 shares of common with a $15 par value. 4. The January 1 balance In Retained Earmings was $1,160,000. 5. On July 1, 18,600 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $90,300 in computing salaries and wages expense in 2016. The net of tax effect of $63,210 was properly debited directly to Retained Earnings. 7. A cash dividend of $381,000 was declared and properly allocated to prefemed and common stock on October 1. No dividends were paid to preferred stockholders in 2016. 8. On December 31, a 10% common stock dividend was declared out of retalned earnlngs on common stock when the market price per share was $18. 9. Net income for the year was $593,000. 10. On December 31, 2017, the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion. (Use Note X