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PROBLEM 8-18a.Davis CorporationAccounting EquationEventAssets=LiabilitiesStockholders' EquityCash=Div. Pay.+Pfd. Stk.+Com. Stk.+PIC in Exc. PS+PIC in Exc. CS?Treasury Stock+Ret. Earn.Acct. Title R/E20121/2140,000NANA50,000NA90,000NANA1/1570,000NA50,000NA20,000NANANA2/14450,000NANA150,000NA300,000NANA12/31170,000NANANANANANA170,000Svc. Rev.12/31(110,000)NANANANANANA(110,000)Op. Exp.12/31*NA3,000NANANANANA(3,000)Div.Bal.720,000=3,000+50,000+200,000+20,000+390,000?-0-+57,00020131/31(3,000)(3,000)NANANANANANA3/1116,000NA100,000NA16,000NANANA6/1(21,500)NANANANANA21,500NA12/31210,000NANANANANANA210,000Svc. Rev.12/31(175,000)NANANANANANA(175,000)Op. Exp.12/31**NA20,700NANANANANA(20,700)Div.Bal.846,500=20,700+150,000+200,000+36,000+390,000?21,500+71,300*Preferred Stock: $50 x 6% x 1,000 shares= $3,000**Preferred Stock: $50 x 6% x 3,000 shares = $ 9,000 Common Stock: Shares outstanding, 19,500 x $.6 = 11,700Total Dividend$20,700PROBLEM 8-18 (cont.)b.2012Stockholders' EquityPreferred Stock, $50 par value, 5% cumulative, 50,000 shares authorized, 1,000 shares issued and outstanding$ 50,000Common Stock,

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