The ledger of Novak Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,000 shares issued) Common Stock (300,000 shares issued) $1,100,000 1,800,000 Paid-in Capital in Excess of Par Vale-Preferred Stock 155,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,600,000 Retained Earnings 2,717,000 A review of the accounting records reveals this information: 1. Preferred stock is 9%, $100 par value, noncumulative. Since January 1, 2021. 11,000 shares have been outstanding: 22,000 shares are authorized. 2 Common stock is no-par with a stated value of $6 per share; 600,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,280,000. On October 1, 67,000 shares of common stock were sold for cash at $8 per share. 4. 5. A cash dividend of $400,000 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 $837,000. 7. On December 31, 2022, the directors authorized disclosure of a $160,000 restriction of retained earnings for plant expansion. (Use Note A.)