Question 2 of 8 0.13 / 3 A review of the accounting records reveals the following. 2. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and cumulative; 14,300 shares have been outstanding since January 1, 2021. 3. Authorized stock is 19,300 shares of preferred, 488,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1,110,000.