The ledger of Wade Corporation at December 31, 2014, after the books have been closed, contains the following stockholders equity accounts. Preferred Stock (13,700 shares issued) $1,370,000 Common Stock (291,000 shares issued) 1,455,000 Paid-in Capital in Excess of Par ValuePreferred Stock 224,900 Paid-in Capital in Excess of Stated ValueCommon Stock 1,594,400 Retained Earnings 2,835,030 A review of the accounting records reveals this information: 1. Preferred stock is 7%, $100 par value, noncumulative. Since January 1, 2013, 13,700 shares have been outstanding; 27,400 shares are authorized. 2. Common stock is no-par with a stated value of $5 per share; 582,000 shares are authorized 3. The January 1, 2014, balance in Retained Earnings was $2,394,430. 4. On October 1, 57,400 shares of common stock were sold for cash at $8 per share. 5. A cash dividend of $408,000 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 $848,600. 7. On December 31, 2014, the directors authorized disclosure of a $158,000 restriction of retained earnings for plant expansion. (Use Note A.)