(Answered) Problem 17-2athe following account balances relate to the

Accounting

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	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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