? P17-2A The following account balances relate to thestockholders equity accounts of Gore Corp. at year-end. 2010 2009Common stock, 10,500 and 10,000 shares, respectively, for 2010 and2009 $160,000 $140,000 Preferred stock, 5,000 shares 125,000125,000 Retained earnings 300,000 260,000 A small stock dividendwas declared and issued in 2010. The market value of the shares was$10,500. Cash dividends were $15,000 in both 2010 and 2009. Thecommon stock has no par or stated value. Hint: Determine cash floweffects of changes in equity accounts. (SO 3) Instructions (a) Whatwas the amount of net income reported by Gore Corp. in 2010? Netincome $65,500 (b) Determine the amounts of any cash inflows oroutflows related to the common stock and dividend accounts in 2010.(c) Indicate where each of the cash inflows or outflows identifiedin (b) would be classified on the statement of cash flows.
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