FILL IN PART C

The post-closing trial balance of Wildhorse Co. at December 31, 2022, contains the following stockholders' equity accounts. Preferred Stock (15,700 shares issued) $785,000 Common Stock (246,000 shares issued) 2,706,000 Paid-in Capital in Excess of Par Preferred Stock 248,000 Paid-in Capital in Excess of ParCommon Stock 404,000 Common Stock Dividends Distributable 270,600 Retained Earnings 975,600 A review of the accounting records reveals the following. 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 15,700 shares have been outstanding since January 1, 2021. 3. Authorized stock is 20,700 shares of preferred, 492,000 shares of common with a $11 par value. 4. The January 1 balance in Retained Earnings was $1,160,000. 5. On July 1, 18,000 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $87,000 in computing depreciation in 2019, which overstated net income. The net of tax effect of $60,900 was properly debited directly to Retained Earnings. 7. A cash dividend of $270,600 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. 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 $589,900. 10. On December 31, 2022, the directors authorized disclosure of a $198,000 restriction of retained earnings for plant expansion. (Use Note X.) Reproduce the Retained Earnings account (T-account) for 2022. (List items in order presented in the problem.) Retained Earnings Sept. 1 Prior Per. Adj. 60900 Jan. 1 Balance 1160000 Dec. 31 Cash Dividends 270600 Dec. 31 Net Income 589900 Dec. 31 Stock Dividends 442800 Dec. 31 Balance 975600Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock to 785000 Common Stock to 2706000 Common Stock Dividends Distributable 270600 2976600 Total Capital Stock 3761600 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock 248000 Paid-in Capital in Excess of Par-Common Stock 404000 Total Additional Paid-in Capital 652000 Total Paid-in Capital 4413600 Retained Earnings 975600 Total Stockholders' Equity to 5389200(C) Compute the allocation of the cash dividend to preferred and common stock. Allocation of the cash dividend to preferred stock $ Allocation of the cash dividend to common stock $