The ledger of Flounder Corp. at December 31, 2017, after the books have been closed, contains the following stockholders equity accounts.

Problem 11-4A The ledger of Flounder Corp. at December 31, 2017, after the books have been closed, contains the following stockholders' equity accounts Preferred Stock (12,000 shares issued) Common Stock (371,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,224,000 2,226,000 111,000 1,520,000 2,771,000 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2016, 12,000 shares have been outstanding; 24,000 shares are authorized. 2. Common stock is no-par with a stated value of $6 per share; 742,000 shares are authorized. 3. The January 1, 2017, balance in Retained Earnings was $2,319,000. 4. On October 1, 61,000 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $392,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016. 6. Net income for the year was $844,000 7. On December 31, 2017, the directors authorized disclosure of a $167,000 restriction of retained earnings for plant expansion. (Use Note A.) Your answer is partially correct. Try again. Reproduce the Retained Earnings account for the year. Retained Earnings Jan. 1 Balance 2319000 Dec. 31 39200 ec. 31 Balance 844000 Dec. 31 Balance # 2771000 SHOW LIST OF ACCOUNTS FLOUNDER CORP Partial Balance Sheet December 31, 2017 Stockholders' Equity Paid-in Capital Total Paid-in Capital Preferred Stock 1224000 Common Stock 2226000 Total Paid-in Capital 3450000 Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Preferred St 111000 Paid-in Capital in Excess of Par Value-Common St 1520000 Total Additional Paid-in Capital 1631000 Total Paid-in Capital and Retained Earnings 2771000 Retained Earnings 2771000 4402000 Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work