I need help with the question (C).

The post-closing trial balance of Sunland Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (14,600 shares issued) Common Stock (242,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $730,000 2,420,000 242,000 383,000 242,000 909,770 A review of the accounting records reveals the following. 1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 14,600 shares have been outstanding since January 1, 2019. 3. Authorized stock is 19,600 shares of preferred, 484,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings was $1,100,000. 5. On July 1, 21,900 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $90,900 in computing salaries and wages expense in 2019. The net of tax effect of $63,630 was properly debited directly to Retained Earnings. 7. A cash dividend of $242,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2019. 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 $551,000. 10. On December 31, 2020, the directors authorized disclosure of a $201,000 restriction of retained earnings for plant expansion. (Use Note X.) (a) Your answer is correct. Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.) Retained Earnings Sept. 1 Prior Per. Adj. 63630 ||| Jan. 1 Balance 1100000 Dec. 31 Cash Dividends 242000 || Dec. 31 Net Income I 551000 Dec. 31 Stock Dividends 435600 Dec. 31 Balance 909770 Your answer is correct Prepare a stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descripti SUNLAND CORPORATION Partial Belance Sheet December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 730000 Common Stock 1 2420000 Common Stock Dividends Distributable T 242000 2662000 Total Capital Stock 3392000 Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock T 242000 Paid in Capital in Excess of Par-Common Stock Total Additional Paid-in Capital 625000 4017000 Total Paid-in Capital Retained Esmings 09770 Total Stockholders' Equity 4926770 (C) x Your answer is incorrect. Try again. 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 242000