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The post-closing trial balance of Larkspur, Inc. at December 31,2022 , contains the following stockholders' equity accounts. 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; 14.500 shares have been outstanding since January 1,2021 . 3. Authorized stock is 19,500 shares of preferred, 520,000 shares of common withas $10 par value: 4. The January 1 balance in Retained Earnings was $1,120,000. 5. On July 1,21,000 shares of common stock were issued for cash at $18 per share. 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; 14,500 shares have been outstanding since January 1, 2021. 3. Authorized stock is 19,500 shares of preferred, 520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings was $1,120,000. 5. On July 1, 21,000 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 $260,000 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 $556,000. 10. On December 31,2022 , the directors authorized disclosure of a $190,000 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.) Prenara a ctorkhnldere' antuthe cortion at Marmmhan ot anas arud Capital Stock Preferred Stock Common Stock Dividends Distributable Common Stock Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Total Additional Paid-in Copital Total Paid-in Capital $260.000 $725,000 2,600,000 Total Paid-in Capital Retained Earnings Total Stockholders' Equity 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 $