The ledger of Sheffield Corp. at December 31, 2022, after the books have been closed, contains the following stockholders' equity accounts. Preferred Stock (11,500 shares issued) $1,161,500 Common Stock (305,000 shares issued) 1,830,000 Paid-in Capital in Excess of Par Value-Preferred Stock 180,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,650,000 Retained Earnings 2,725,500 A review of the accounting records reveals this information: 1. Preferred stock is 8%, $101 par value, noncumulative. Since January 1, 2021, 11,500 shares have been outstanding; 23,000 shares are authorized. . 2. Common stock is no-par with a stated value of $6 per share; 610,000 shares are authorized. 3. The January 1, 2022, balance in Retained Earnings was $2,285,000. 4. On October 1,58,500 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $395,500 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 $836,000. 7. On December 31, 2022, the directors authorized disclosure of a $165,000 restriction of retained earnings for plant expansion. (Use Note A.) Reproduce the Retained Earnings account for the year. Retained Earnings Save for Later