Question 1 Not complete Marked out of 5.00 Flag question Identifying and Analyzing Financial Statement Effects of Dividends The stockholders' equity of DiFrancesco Company at March 31, 2019 is shown below. 4% preferred stock, $1,000 par value, 25,000 shares authorized; 10,000 shares issued and outstanding $10,000,000 Common stock, $1 par value, 3,000,000 shares authorized; 700,000 shares issued and outstanding Additional paid-in capital-preferred stock Additional paid-in capital-common stock Retained earnings Total stockholders' equity 700,000 60,000 17,150,000 46,555,405 $74,465,405 The following transactions, among others, occurred during the fiscal year ended March 31, 2020. April 15, 2019 Declare and pay preferred dividends of $380,000. April 15, 2019 Declare and pay common dividends of $1.40 per share. October 1, 2019 Execute a 3-for-1 stock split of the common stock when the stock price was $133 per share. March 1, 2020 Declare and pay common dividends of $0.60 per share. (a) Use the financial statement effects template to indicate the effects of these separate transactions. Note: Use negative signs with answers, when appropriate. Balance Sheet Cash Transaction Asset Apr. 15 Noncash Assets = Liabilities + Contributed + Earned Capital Capital Revenue Apr. 15 Oct. 1 Mar. 1 Income Statement Net Expenses = Income (b) At March 31, 2020, the company reported net income for the year of $8,900,610. Compute retained earnings as of March 31, 2020. $