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Problem 11-5A (Part Level Submission) The post-closing trial balance of Storey Corporation at December 31, 2015, contains the following stockholders' equity accounts Preferred Stock (14,200 shares issued) Common Stock (244,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $710,000 2,684,000 257,300 416,900 268,400 955,720 A review of the accounting records reveals the following 1. No errors have been made in recording 2015 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and armulative: 14,200 shares have been outstanding since January 1, 2014. 3. Authorized stock is 19,200 shares of preferred, 488,000 shares of common with a $11 par value. 4. The January 1 balance in Retained Earnings was $1,151,300 5. On July 1, 19,900 shares of common stock were issued for cash at $17 pershare. 6. On September 1, the company discovered an understatement error of $91,400 in computing depreciation in 2014, which overstated net income. The net of tax effect of $63,980 was properly debited directly to Retained Earnings 7. A cash dividend of $268,400 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2014 8. on December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $17 9. Net income for the year was $551,600. 10, On December 31, 2015, the directors authorized disclosure of $207,300 restriction of retained earnings for plant expansion. (Use Note X.) Prepare a stockholders" equity section at December 31, 2015. (Enter account name only and do not provide descriptive STOREY CORPORATION Partial Balance Sheet

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