lmk

A review of the accounting records reveals the following. 1. No errors have been made in recording 2022 tramactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6% and cumulative; 14,600 shares hwe been outstanding since January 1, 2021. 3. Authorized stock is 19,600 shares of preferred, 484,000 shares of common witha $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 compamy discovered an understatement error of $90.900 in computing salaries and wages expense in 2021. The net of tax etfect 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 stockhokders in 2021. 8. On December 31, a 108 common stock dividend was declared out of retained earnines on commonstock when the market 2. Preferred stock is $50 par, 6% and cumulative: 14,600 thares have been outstanding since January 1, 2021. 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 590,900 in computing salaries and wages expense in 2021. The net of tax effect of $63,630 was properly debited directly to Retained Eamings. 7. A cashdividend of $242.000 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 $551,000 10. On December 31. 2022, the directors authorized disclosure of a $201.000 restriction of retained earnings for plant expansion. (Use Note X ) Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem.)