CALCULAT Problem 14-02A a-c (Part Level Submission) The post-closing trial balance of Pharoah Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (15,200 shares issued) $760,000 Common Stock (258,000 shares issued) 2,580,000 Paid-in Capital in Excess of Par-Preferred Stock 258,000 Paid-in Capital in Excess of Par-Common Stock 380,000 Common Stock Dividends Distributable 258,000 Retained Earnings 968,470 A review of the accounting records reveals the following 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 15,200 shares have been outstanding since January 1, 2019. 3. Authorized stock is 20,200 shares of preferred, 516,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings was $1,190,000. 5. On July 1, 20,700 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $85,900 in computing salaries and wages expense in 2019. The net of tax effect of $60,130 was pro Earnings 7 A cash dividend of $258,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2019. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 9 Net income for the year was $561,000. 10. On December 31, 2020, the directors authorized disclosure of a $203,000 restriction of retained earnings for plant expansion. (Use Note X. Reproduce the Retained Earnings account for 2020. (List items in order presented to the problem.) Retained Earnings Sept. 1 Prior Per. Adj. 63000 Jan. 1 Balance > X Dec. 31 Cash Dividends 250000 Dec. 31 Net Income 100 Dec. 31 Stock Dividends Dec. 31 Balance Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS