Common Stock, $10 stated value (550,000 shares authorized, 360,000 shares issued) = $3,600,000

Paid-In Capital in Excess of Stated Value-Common Stock = 700,000

Retained Earnings = 8,170,000

Treasury Stock (36,000 shares, at cost) =504,000

Jan. 4.Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $45,360.

Apr. 3.Issued 70,000 shares of common stock for $1,260,000.

June 6.Sold all of the treasury stock for $612,000.

July 1.Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share.

Aug. 15.Issued the certificates for the dividend declared on July 1.

Nov. 10.Purchased 23,000 shares of treasury stock for $437,000.

Dec. 27.Declared a $0.17-per-share dividend on common stock.

31.Closed the credit balance of the income summary account, $8,497,000.

31.Closed the two dividends accounts to Retained Earnings.

What would the adjustments to the Retained Earnings be? The T-account shows 2 blanks 1 Credit and 1 Debit.