The ledger of Cheyenne Corp. at December 31, 2022, after the books have been closed, contains the following stockholders'equity accounts. Preferred Stock (10,400 shares issued) $1,060,800 Common Stock (294,000 shares issued) 2,058,000 Paid-in Capital in Excess of Par Value -- Preferred Stock 125,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,540,000 Retained Earnings 2.741,000 1. A review of the accounting records reveals this information: Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2021, 10,400 shares have been outstanding: 20,800 shares are authorized. 2 Common stock is no-par with a stated value of $7 per share; 588,000 shares are authorized. 3 The January 1, 2022, balance in Retained Earnings was $2,274,000. 4 On October 1,61,000 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $394,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2021 Net Income for the year was $861.000. On December 31, 2022 the directors authorized disclosure of a $154,000 restriction of retained earnings for plant expansion (Use Note A) 6. 7 Prepare the stockholders' equity section of the balance sheet at December 31. CHEYENNE CORP Partial Balance Sheet December 31, 2022 $ December 31, 2022 Reproduce the Retained Earnings account for the year. Retained Earnings Dec 31 394,000 Jan. 1 Balance 2.274,000 Dec. 31 861.000 Dec, 31 Balance 2.74 1.000 e Textbook and Media Assistance Used List of Accounts