5 of 5 View Policies < Current Attempt in Progress .../20 The ledger of Pronghorn Corp at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,200 shares issued) Common Stock (302,000 shares issued) $1,153,600 2,114,000 Paid-in Capital in Excess of Par Value-Preferred Stock 165,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,620,000 Retained Earnings 2.710,500 A review of the accounting records reveals this information: 1. Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 2021, 11,200 shares have been outstanding: 22,400 shares are authorized. 2. Common stock is no-par with a stated value of $7 per share; 604,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,282,000. 4. On October 1, 69,000 shares of common stock were sold for cash at $10 per share. 5. A cash dividend of $392,500 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021. 6. Net income for the year was $821,000. 7. On December 31, 2022, the directors authorized disclosure of a $162,000 restriction of retained earnings for plant expansion. (Use Note A.) (a) Your answer has been saved. See score details after the due date. Reproduce the Retained Earnings account for the year. Dec. 31 Retained Earnings 392500 Jan. 1 Balance 2282000 Dec. 31 821000 Dec. 31 Balance 2710500 Attempts: 1 of 1 used (b) Prepare the stockholders' equity section of the balance sheet at December 31. PRONGHORN CORP Partial Balance Sheet Save for Later 69 699 Attempts: 0 of 1 used Submit