The ledger of Concord Corporation at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,700 shares issued) $1,205,100 Common Stock (307,000 shares issued) 2,149,000 Pald-in Capital in Excess of Par Value-Preferred Stock 190,000 Pald-in Capital in Excess of Stated Value-Common Stock 1,670,000 Retained Earnings 2,775,500 A review of the accounting records reveals this information: Preferred stock is 8%, $103 par value, noncumulative. Since January 1, 2021, 11,700 shares have been outstanding; 23,400 shares are authorized Common stock is no-par with a stated value of $7 per share, 614,000 shares are authorized 3. The January 1, 2022, balance in Retained Earnings was $2,287,000. On October 1, 60,500 shares of common stock were sold for cash at $10 per share. 5. A cash dividend of $397,500 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 $886,000 7. On December 31, 2022, the directors authorized disclosure of a $167,000 restriction of retained earnings for plant expansion (Use Note A.) Reproduce the Retained Earnings account for the year, Retained Earnings 1. 2. 4 Prepare the stockholders' equity section of the balance sheet at December 31. CONCORD CORPORATION Partial Balance Sheet