The following account balances relate to the stockholders' equity accounts of Kerbs Corp. at year-end.
2020 2019
Common stock, 10,500 and 10,000 shares respectively, for 2020 and 2019 157,100 $137,800
Preferred stock, 5,000 shares 92,400 92,400
Retained earnings 299,800 248,500
A small stock dividend was declared and issued in 2020. The result of the stock dividend was to decrease retained earnings by $11,300 and increase common stock by $11,300. Cash dividends were $17,000 in both 2020 and 2019. The common stock has no par or stated value.
Required:
a. What was the amount of net income reported by Kerbs Corp. in 2020
b. Determine the amounts of any cash inflows or outfiows related to the common stock and dividend accounts in 2020
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