Moust CALCULATOR PRINTER VERSION BACK NEXT Problem 14-02A a-c (Part Level Submission) The post-closing trial balance of Oriole Corporation at December 31, 2020, contains the following stockholders' equity accounts. creen Preferred Stock (15,400 shares issued) $770, 3-10... Common Stock (243,000 shares issued) 2,430,000 Paid-in Capital in Excess of Par-Preferred Stock 243,000 Paid-in Capital in Excess of Par-Common Stock 400,000 Common Stock Dividends Distributable 243,000 Retained Earnings 1,033,710 A review of the accounting records reveals the following. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and cumulative; 15,400 shares have been outstanding since January 1, 2019. Authorized stock is 20,400 shares of preferred, 486,000 shares of common with a $10 par value. 1. 2. 3. The January 1 balance in Retained Earnings was $1,170,000. 4. On July 1, 18,600 shares of common stock were issued for cash at $16 per share. On September 1, the company discovered an understatement error of $90,700 in computing salaries and wages expense in 2019. The net of tax effect of $63,490 was properly debited directly to Retained Earnings. A cash dividend of $243,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2019. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $16. 5. 6. 7. 8. Net income for the year was $559,000. 9. On December 31, 2020, the directors authorized disclosure of a $208,000 restriction of retained earnings for plant expansion. (Use Note X.) 10. v (a) Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.) Retained Earnings