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Problem 17-2A
The following account balances relate to the stockholders' equity accounts of Kerbs Corp. at year-end.
2017
2016
Common stock, 10,500 and 10,000 shares,
respectively, for 2017 and 2016
$155,000
$130,000
Preferred stock, 5,000 shares
80,000
Retained earnings
295,000
245,000
A small stock dividend was declared and issued in 2017. The market value of the shares was $10,500. Cash dividends were $15,000 in both 2017 and 2016. The common stock has no par or stated value.
What was the amount of net income reported by Kerbs Corp. in 2017?
Net income
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2017.
Common stock
Dividends
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