The post$-$closing trial of crane Corporation at December $31,2022,$ contains the following stockholders$$ equity accounts.

Preferred stock $(14,500$ shares issued$)$ $$725,000$

Common stock $(255,000$ shares issued$)3825,00$

Paid in capital in excess of par$-$Preferred stock $255,000$

Paid in capital in excess par$-$common stock $413,000$

Common stock dividends distributable $382,500$

Retained Earnings $890,400$

No errors have been made in recording $2022$ transactions or in preparing the closing entry for net income.

Preferred stock is $$50$ par, $6\%,$ and cumulative; $14,500$ shares have been outstanding since January $1,2021.$

Authorized stock is $19,500$ shares of preferred, $510,000$ shares of common with a $$15$ par value.

The January $1$ balance in Retained Earnings was $$1,170,000.$

On July $1,18,700$ shares of common stock were issued for cash at $$16$ per share.

On September $1,$ the company discovered an understatement error of $$93,000$ in computing salaries and wages expense in

The net of tax effect of $$65,100$ was properly debited directly to Retained Earnings.

A cash dividend of $$382,500$ was declared and properly allocated to preferred and common stock on October $1.$ No

dividends were paid to preferred stockholders in $2021.$

On December $31,$ a $10\%$ common stock dividend was declared out of retained earnings on common stock when the market

price per share was $$16.$

Net income for the year was $$576,000.$

On December $31,2022,$ the directors authorized disclosure of a $$194,000$ restriction of retained earnings for plant

expansion. $($Use Note X$.)$ Reproduce the Retained Earnings account for $2022.($List items in order presented in the problem.$)$

Retained Earnings

Sept. $1$ Prior Per. Adj.

Jan. $1$ Balance $($C$)$

Your answer is incorrect.

Compute the allocation of the cash dividend to preferred and common stock.

Allocation of the cash dividend to preferred stock

Allocation of the cash dividend to common stock