Problem 11-5A (Part Level Submission) The post-closing trial balance of Windsor, Inc. at December 31, 2019, contains the following stockholders' equity accounts Preferred Stock (15,300 shares issued) Common Stock (246,000 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 $765,000 2,460,000 246,000 394,000 246,000 971,520 A review of the accounting records reveals the following 1. No errors have been made in recording 2019 transactions or in preparing the closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative; 15,300 shares have been outstanding since January 1, 2018. . Authorized stock is 20,300 shares of preferred, 492,000 shares of common with a $10 par value 4. The January 1 balance in Retained Earnings was $1,160,000 5. On July 1, 18,500 shares of common stock were issued for cash at $18 per share. 6. On September 1, the company discovered an understatement error of $92,400 in computing depreciation in 2018, which overstated net income. The net of tax effect of $64,680 was properly debited directly to Retained Earnings 7. A cash dividend of $246,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2018. 8, on December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market price per share was $18. 9. Net income for the year was $565,000 10. On December 31, 2019, the directors authorized disclosure of a $201,000 restriction of retained earnings for plant expansion. (Use Note X.) Your answer is correct. Reproduce the Retained Earnings account (T-account) for 2019. (List items in order presented in the pr Retained Earnings Sept. 1 Prior Per. Adj. 4 64680 Jan. 1 Balance 1160000 Dec. 31 Cash Dividends 246000 Dec. 31 Net Income* 565000 Dec. 31 Stock Dividends 442800 Dec. 31 Balance 971520 Paid-in Capital in Excess of Par-Preferred Stock 246000 Common Stock 394000 Total Additional Paid-in Capital 649000 Total Paid-in Capital 4102000 Retained Earnings 971520 Total Stockholders' Equity 5073520