The ledger of Pina Colada Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,100 shares issued) $1,110,000 Common Stock (301,000 shares issued) 1,505,000 Paid-in Capital in Excess of Par Value-Preferred Stock 160,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,610,000 Retained Earnings 2,763,500 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $100 par value, noncumulative. Since January 1, 2021,11,100 shares have been outstanding: 22,200 shares are authorized 2. Common stock is no-par with a stated value of $5 per share; 602,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,281,000. 4. On October 1, 68,000 shares of common stock were sold for cash at $10 per share. 5. A cash dividend of $391,500 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 $874,000. 7. On December 31, 2022, the directors authorized disclosure of a $161,000 restriction of retained earnings for plant expansion. (Use Note A.)