Problem 11-4A The ledger of waite Corporation at December 31, 2017, after the books have been closed, contains the following stockholders equity accounts. Prefened Sock (10,000sars issud) 1900,000 Recained Eamings A review of the accounting records reveals this information 1. Preferred stock is 896,100 par value, noncumulative. Since January 1, 2016, 10,000 shares have been outstanding; 20,000 shares are authorized. 2. Common stock is no-par with a stated value of $5 per share; 600,000 shares are authorized. 1. The January 1, 2017, balance in Retained Earnings was $2,380,000. 4. On October 1, 60,000 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $400,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016. Net income for the year was $880,000 On December 31, 2017, the directors authorized disclosure of a $160,000 restriction of retained earnings for plant expansion. (Use Note A.) 2. Reproduce the Retained Eanings account for the year. Retained Earnings Prepare the stockholders' equity section of the balance sheet at December 31 WAITE CORPORATION Partial Balance Sheet