Early in 2018 , Morty, Inc., was organized with authorization to issue 2,500 shares of $100 par value preferred stock and 300,000 shares of $1 par value common stock. 600 shares of the preferred stock were issued at par, and 80,000 shares of common stock were sold at $12 per share. The preferred stock pays a 10 percent cumulative dividend. During the first four years of operations (2018 through 2021), the corporation earned a total of $1,850,000 and paid dividends of 40 cents per share in each year on its outstanding common stock. Prepare the stockholders' equity section of the balance sheet at December 31,2021 . Include a supporting schedule showing your computation of the amount of retained earnings reported