Remaining Time: 1 hour, 20 minutes, 29 seconds. * Question Completion Status: common stock and treasury stock. QUESTION 28 Ellis Corporation had net income of $500,000 and paid dividends of S20.000 to preferred stockholders in 2017. There are 400.000 weighted average shares of common stock outstanding. Ellis Corporation's earnings per share for 2017 was $1.25 $1.20 $6.20 $5.00 QUESTION 29 A prior period adjustment for understatement of net income will increase Retained Earnings be shown as a gain on the current year's Income Statement decrease Retained Earnings be shown as an asset on the current year's Balance Sheet QUESTION 30