The ledger of Marigold Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (10,700 shares issued) Common Stock (297,000 shares issued) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings $1,080,700 1,782,000 140,000 1,570,000 2,765,000 A review of the accounting records reveals this information: 1. Preferred stock is 8%, $101 par value, noncumulative. Since January 1, 2021, 10,700 shares have been outstanding; 21,400 shares are authorized. 2. Common stock is no-par with a stated value of $6 per share; 594,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,277,000. 4. On October 1, 64,000 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $397,000 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 $885,000. 7. On December 31, 2022, the directors authorized disclosure of a $157,000 restriction of retained earnings for plant expansion. (Use Note A.) X Your answer is incorrect. Reproduce the Retained Earnings account for the year. Retained Earnings Jan. 1 Balance 2277000 Dec. 31 157000 Dec. 31 Balance 2434000 MARIGOLD CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock 1080700 Common Stock 1782000 Total Capital Stock $ 2862700 Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock 1570000 Paid-in Capital in Excess of Par Value-Preferred Stock 140000 Total Additional Paid-in Capital 1710000 Total Paid-in Capital 4572700 Retained Earnings 2434000 Total Paid-in Capital and Retained Earnings 7006700