The ledger of Swifty Corporation at December 31, 2022, after the books have been closed, contains the following stockholders equity accounts.

Preferred Stock (12,100 shares issued)		$1,234,200
Common Stock (311,000 shares issued)		1,555,000
Paid-in Capital in Excess of Par ValuePreferred Stock		210,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,710,000
Retained Earnings		2,758,000

A review of the accounting records reveals this information:

1.		Preferred stock is 7%, $102 par value, noncumulative. Since January 1, 2021, 12,100 shares have been outstanding; 24,200 shares are authorized.
2.		Common stock is no-par with a stated value of $5 per share; 622,000 shares are authorized.
3.		The January 1, 2022, balance in Retained Earnings was $2,291,000.
4.		On October 1, 64,500 shares of common stock were sold for cash at $8 per share.
5.		A cash dividend of $391,000 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 $858,000.
7.		On December 31, 2022, the directors authorized disclosure of a $151,500 restriction of retained earnings for plant expansion. (Use Note A.)

Question 2 of 2