The general ledger of Pukalani Corporation, a publicly traded company, contained the following shareholders' equity accounts in 2018: January 1 December 31 Preferred shares (10,700 and 19,200 shares issued, respectively) $535,000 $960,000 Common shares (332,000 and 379,000 shares issued, respectively) 2,656,000 3,596,000 Stock dividends distributable 0 416,900 Retained earnings 2,932,000 3,293,100 A review of the accounting records for the year ended December 31, 2018, reveals the following information: 1. On January 1, 8,500 additional $5 noncumulative preferred shares were issued for $50 each. An unlimited number are authorized. 2. On October 1, 47,000 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 $874,000. 6. On December 31, the board of directors authorized a $528,000 restriction on retained earnings for a plant expansion. Reproduce the Preferred Shares, Common Shares, Stock Dividends Distributable, and Retained Earnings general ledger accounts for the year. (Record entries in the order presented in the problem.) Preferred Shares Jan. 1 Balance 535000 Jan. 1 Issue 425000 Dec. 31 Balance 960000 Common Shares Jan. 1 Balance 2656000 Oct. 1 Issue 940000 Dec. 31 Balance 3596000 Dividends Declared During year Cash dividend Dec. 31 Stock dividend declared Dec. 31 CE Dividends declared Dec. 31 Balance Stock Dividends Distributable During year CE Dividends declared v 416900 Retained Earnings Dec. 31 CE Jan. 1 Balance 2932000 During year Cash dividend Dec. 31 CE Net income 3293100