Current Attempt in Progress 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) $1,153,600 Common Stock (302,000 shares issued) 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 Areview of the accounting records reveals this information: Preferred stock is 9%, $103 par value, noncumulative. Since January 1, 202 1, 11,200 shares have been outstanding; 22,400 shares are authorized 1. Common stock is no-par with a stated value of $7 per share; 604,000 shares are authorized. 2. The January 1, 2022, balance in Retained Earnings was $2,282,000. 3. On October 1, 69,000 shares of common stock were sold for cash at $10 per share. 4. 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 5. Net income for the year was $821,000. 6. On December 31, 2022, the directors authorized disclosure of a $162,000 restriction of retained earnings for plant expansion. (Use Note A.) 7. (a) Reproduce the Retained Earnings account for the year. Retained Earnings eTextbook and Media List of Accounts Attempts: 0 of 5 used Save for Later Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above