Problem 14-02A a-c The post-closing trial balance of Blossom Corporation at December 31, 2020, contains the following stockholders' equity accounts Preferred Stock (15,600 shares issued) Common Stock (242,000 shares i Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $780,000 3,630,000 242,000 388,000 363.000 901,220 sued) A review of the accounting records reveals the following. No erors have been made in recording 2020 transactions or in preparing the closing entry for net income prefemed stock S50 par, 6%, and cumulative: 15.600 shares have been outstanding since January 1, 2019. Authorized stock is 20,600 shares of preferred, 484,000 shares of common with a $15 par value The January 1 balance in Retained Earnings was $1.190.000. 5. On July 1, 21.500 shares of common stock were issued for cash at $18 per share. 6 On September 1, the company discovered an understatement error of $87,400 in computing salaries and wages expense in 2019. The net of tax effect of $61.180 was properly debited directly to Retained Earnings 7. A cash dividend of $363,000 was declared and properly allocated to preferred and common stock on October 1No dividends were paid to preferred stockholders in 2019. 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 $571,000 10. On December 31, 2020, the directors authorized disclosure of a $208,000 restriction of retained earnings for plant expansion. (Use Note X.) Your answer is partially correct. Try again. Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.) Sept. 1 Prior Per. Adj 61180Jan. 1 Balance 571 Dec. 31 Cash Dividends 363000Dec. 31 Net Income Dec. 31 Stock Dividends 653400 Dec. 31 Balance 683420 [ vour answer is correct. Prepare a stockholders equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) BLOSSOM CORPORATION. Partial Balance Sheet Paid-in Capital Capital Stock Preferred Stock 36 Common Stock 3993 Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Total Additional Paid-in Capital Total Paid-in Capital 9012 Retained Earnings 63042 Total Stockholders' Equity SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Vour answer is incorrect. Try again. Compute the allocation of the cash dividend to preferred and common stock Allocation of the cash dividend to preferred stock Allocation of the cash dividend to common stock Click if you would like to Show Work for this question: een Show Work