Direction. Read and understand the case and answer the requirements. On December 31, 2020, Shipyard, Inc. reported the following stockholders' equity account: Common Stock, $10 par value Paid-in Capital in excess of par value, common stock Retained Earnings In 2021, the following entries related to its equity are recorded. Date Accounts Jan. 17 Retained Earnings Common Dividend Payable Feb 5 Common Dividend Payable Cash Feb 28 Retained Earnings Common Stock Dividend Distributable Paid-in Capital in Excess of Par Value, Common Stock Mar 14 Common Stock Dividend Distributable Common Stock, $10 Par Value Dec 31 Income Summary Retained Earnings The table shows the equity balances as of December 31, 2021. 2021 Beginning Balance Dividend declaration $1,000,000 300,000 700,000 Debit 100,000 Credit 100,000 100,000 100,000 250,000 120,000 130,000 120,000 120,000 500,000 500,000 Common Stock Paid-in capital in excess of par Common stock dividend distributable Shares Treasury Retained Earnings Total 1,000,000 300,000 700,000 2,000,000 100,000 100,000 120,000 120,000 130,000 50,000 50,000 1,130,000 300,000 120,000 0 850,000 2,400,000 Stock Dividend Declaration Stock Dividend Distribution Net Income 130,000 Ending Balance Requirement. (a) Assuming that the 2021 journal entries pertaining to equity accounts are correct, evaluate the table showing the equity accounts of Shipyard, Inc. as December 31, 2021, whether the equity accounts' balances are appropriate or not. If not, make the prepare the correct Stockholders' equity account balances. (12 marks)