Question The general ledger of Robichaud Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2015: Preferred shares (11,910 and 20,540 shares issued, respectively) Common shares (314,300 and 370,100 shares issued, respectively) Stock dividends distributable Retained earnings January 1 December 31 $595,500 $1,027,000 2,514,4003,742,000 444,120 3,320,220 2,978,900 A review of the accounting records for the year ended December 31, 2015, reveals the following information: 1. 2. 3. 4. On January 1,8,630 $4 noncumulative preferred shares were issued for $50 each. An unlimited number are authorized. On October 1, 55,800 common shares were sold for cash at $22 per share. An unlimited number are authorized. The annual preferred shareholders' cash dividend was declared and paid during the year. On December 31, a 5% stock dividend was declared on common shares when the share price was $24. The stock dividend is distributable on January 20 Profit for the year was $867,600. On December 31, the board of directors authorized a $568,400 restriction on retained earnings for a plant expansion. 5. 6