Problem 11-4A The ledger of Flounder Corp. at December 31, 2017, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (12,000 shares$1,224,000 issued) Common Stock (371,000 shares 2,226,000 issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated 1,520,000 Value-Common Stock Retained Earnings 111,000 2,771,000 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $102 par value, noncumulative. Since January 1 2016, 12,000 shares have been outstanding 24 000 shares are authorized 2. Common stock is no-par with a stated value of $6 per share; 742,000 shares are authorized 3. The January 1, 2017, balance in Retained Earnings was $2,319,000 4. On October 1, 61,000 shares of common stock were sold for cash at $9 per share 5. A cash dividend of $392,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016 6. Net income for the year was $844,000 7. On December 31, 2017, the directors authorized disclosure of a $167,000 restriction of retained earnings for plant expansion. (Use Note A.) Reproduce the Retained Earnings account for the year Retained Earnings