Question 2 View Policies Show Attempt History Current Attempt in Progress The ledger of Whispering Winds Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,600 shares issued) Common Stock (306,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,171,600 2,142,000 185,000 1,660,000 2,750,500 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $101 par value, noncumulative. Since January 1, 2021. 11.600 shares have been outstanding: 23.200 shares are authorized 2. Common stock is no par with a stated value of $7 per share: 612,000 shares are authorized. 3. The January 1, 2022, balance in Retaind Earnings was $2.286,000. 4. On October 1, 59,500 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $396,500 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to pref stockholders in 2021 6. Net income for the year was $861,000. 7. On December 31, 2022, the directors authorized disclosure of a $166,000 restriction of retained earnings for plant expansion. (Use Note A.) WHISPERING WINDS CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 171600 Common Stock 2558500 Total Capital Stock 2730100 Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred Stock 185500 Paid-in Capital in Excess of Stated Value-Common Stock 1719500 Total Actelikiona Total Additional Paid-in Capital 1905000 Total Paid-in Capital 4463500 Retained Earnings 2750500 TotalStockholders' Equity 11849100