The ledger of Ayayai Corp. at December 31, 2022, after the books have been closed, contains the following stockholders equity accounts. Preferred Stock (10,000 shares issued) $1,000,000 Common Stock (290,000 shares issued) 1,450,000 Paid-in Capital in Excess of Par ValuePreferred Stock 100,000 Paid-in Capital in Excess of Stated ValueCommon Stock 1,500,000 Retained Earnings 2,700,000 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $100 par value, noncumulative. Since January 1, 2021, 10,000 shares have been outstanding; 20,000 shares are authorized. 2. Common stock is no-par with a stated value of $5 per share; 580,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,270,000. 4. On October 1, 57,000 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $390,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021. 6. Net income for the year was $820,000. 7. On December 31, 2022, the directors authorized disclosure of a $150,000 restriction of retained earnings for plant expansion. (Use Note A.)