Retained Earnings Calculation and Equity: Below are selected accounts from Serious Sound Corp. at 31 December 20X1.

Question:

Retained Earnings Calculation and Equity: Below are selected accounts from Serious Sound Corp. at 31 December 20X1. The accounts have not been closed for the year but transactions have been correctly recorded.

\begin{array}{lr}
\text { Stock dividend distributable, common shares } & 220,100 \\
\text { 20X1 earnings before discontinued operations } & 655,400 \\
\text { Common shares } & \$ 2,631,700 \\
\text { Class A preferred shares } & 3,750,000 \\
\text { Cash dividends, common shares } & 140,000 \\
\text { Error correction, net of tax (increases prior earnings) } & 104,200 \\
\text { Reserve re: unrealized gain on FVTOCl investments, 1 January 20X1 } & 100,600 \\
\text { Cash dividends, preferred shares } & 150,000 \\
\text { Retained earnings, 1 January 20X1 } & 7,800,300 \\
\text { Stock dividend, common shares } & 533,000 \\
\text { Treasury stock, common } & 72,000 \\
\text { Contributed capital on preferred share retirement } & 6,500 \\
\text { Fractional common share rights outstanding } & 31,500 \\
\text { Excess on common share retirement (shares retired for } \$ 321,000 & \\
\quad \text { while average cost was } \$ 301,000 \text { ) } & 20,000 \\
\text { Discontinued operations, loss, net of tax } & 9,400 \\
\text { Increase in unrealized FVFOCl investment fair value in } 20 \times 1 & 15,000 \end{array}