P11.5A (LO 2, 3, 4), AP The post-closing trial balance of Storey Corporation at December 31, 2022, contains the following stockholders' equity accounts. A review of the accounting records reveals the following. Preferred Stock (15,000 shares issued) Common Stock (250,000 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 1. No errors have been made in recording 2022 transactions or in preparing the closing entries. 2. Preferred stock is $50 par, 6%, and cumulative; 15,000 shares have been outstanding since January 1, 2021. 3. Authorized stock is 20,000 shares of preferred, 500,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings was $1,170,000. 5. On July 1, 20,000 shares of common stock were issued for cash at $16 per share. $ 750,000 2,500,000 250,000 400,000 250,000 1,105,000 6. A cash dividend of $250,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. 7. 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. 8. Net income for the year was $585,000. 9. On December 31, 2022, the directors authorized disclosure of a $200,000 restriction of retained earnings for plant expansion. (Use Note X.) Instructions a. Reproduce the Retained Earnings account (T-account) for 2022. b. Prepare the stockholders' equity section at December 31, 2022. b. Total stockholders' equity $5,255,000 c. Compute the allocation of the cash dividend to preferred and common stock. Prepare entries for stock transactions and prepare stockholders' equity section.