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Current Attempt in Progress The general ledger of Munchies Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2021: A review of the accounting records for the year ended December 31, 2021, reveals the following information: 1. On January 1,11,700 additional $5 noncumulative preferred shares were issued for $50 each. An unlimited number are authorized. 2. On October 1,26,000 common shares were sold for cash at $20 per share. An unlimited number are authorized. 3. The annual preferred shareholders' cash dividend was declared and paid during the year. 4. On December 31 , a 5% stock dividend was declared on common shares when the share price was $22. The stock dividend is distributable on January 20. 5. Net income for the year was $794,000. 6. On December 31 , the board of directors authorized a $499,000 restriction on retained earnings for a plant expansion. Dividends Declared 475400 Jan. 1 Balance Dec. 31CE Dec. 31 Stock dividend declared Dec. 31 Balance 104500 Stockdividend declared 388300 475400 Stock Dividends Distributable Dec. 31 Stock dividend declared 388300 Retained Earnings Dec 31 Stock dividend declared 868600 Jan. 1 Balance Dec 31CE 3026400 Dec 31 CE Net income Dec 31 Balance