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The stockholders' equity accounts of Flounder Corp. on January 1, 2022 were as follows. $300,000 1,000,000 Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 15,000 480,000 693,000 40,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Mar. 20 Oct. 1 Issued 5,000 shares of common stock for $30,000 Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December Nov. 1 Dec. 1 31, 2022 Dec. 31 Paid the dividend declared on December 1. Prepare the stockholders' equity section of the balance sheet at December 31, 2022. Include 2022 net income of $285,000 as an increase to the January 1, 2022, Retained Earnings. FLOUNDER CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock $ 300000 Common Stock 1020000 Total Capital Stock Additional Paid in Capital Paldin Capital in Excess of Stated Value-Common Stock 490000 Paid in Capitalin Excess of Par Value Protierned Stock 15000 Prepare the stockholders' equity section of the balance sheet at December 31, 2022. Include 2022 net income of $285,000 as an increase to the January 1, 2022, Retained Earnings. FLOUNDER CORP. Partial Balance Sheet December 31, 2022 Equity al Stock 300000 tock 1020000 Stock 1320000 id-in Capital Stalin Excess of Stated Value Common Stock 490000 Nalin Excess of Par Value Preferred Stock 15000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity nal Paid-in Capital 505000 Capital 1825000 arnings 778500 Capital and Retained Earnings 2603500 Treasury Stock 48000 i ilders' Equity $ 2555500