Reference no: EM131812405
(Part Level Submission) The stockholders' equity accounts of Karp Company at January 1, 2017, are as follows.
Preferred Stock, 6%, $50 par $635,000
Common Stock, $5 par 790,000
Paid-in Capital in Excess of Par-Preferred Stock 200,500
Paid-in Capital in Excess of Par-Common Stock 286,500
Retained Earnings 758,500
There were no dividends in arrears on preferred stock. During 2017, the company had the following transactions and events.
July 1 Declared a $0.80 cash dividend per share on common stock.
Aug. 1 Discovered $21,500 understatement of depreciation expense in 2016. (Ignore income taxes.)
Sept. 1 Paid the cash dividend declared on July 1.
Dec. 1 Declared a 10% stock dividend on common stock when the market price of the stock was $15 per share.
Dec.15 Declared a 6% cash dividend on preferred stock payable January 15, 2018.
Dec. 31 Determined that net income for the year was $374,000.
Dec. 31 Recognized a $195,000 restriction of retained earnings for plant expansion.
Journalize the transactions, events, and closing entries for net income and dividends.
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