The ledger of Wade Corporation at December 31, 2014, after the books have been closed, contains the following stockholders equity accounts.

Preferred Stock (10,000 shares issued)		$1,000,000
Common Stock (300,000 shares issued)		1,500,000
Paid-in Capital in Excess of Par ValuePreferred Stock		200,000
Paid-in Capital in Excess of Stated ValueCommon Stock		1,600,000
Retained Earnings		2,860,000

A review of the accounting records reveals this information:

1.		Preferred stock is 8%, $100 par value, noncumulative. Since January 1, 2013, 10,000 shares have been outstanding; 20,000 shares are authorized.
2.		Common stock is no-par with a stated value of $5 per share; 600,000 shares are authorized
3.		The January 1, 2014, balance in Retained Earnings was $2,380,000.
4.		On October 1, 60,000 shares of common stock were sold for cash at $9 per share.
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 2013.
6.		Net income for the year was $880,000.
7.		On December 31, 2014, the directors authorized disclosure of a $160,000 restriction of retained earnings for plant expansion. (Use Note A.) A. Prepare retained earnings account for the year. B. Prepare stockholders' equity portion of the balance sheet at Dec 31