The post-closing trial balance at December 31,2020 contains the following stockholders' equity accounts.

Preferred stock (14,000 shares issues) $700,000; Common stock (251,000 shares issued) $3,765,000;

Paid-in Capital in Excess of Par-preferred stock $251,000; Paid-in Capital in Excess of Par-Common stock $390,000; Common stock dividends distributable $376,500;

Retained Earnings $913,510. A review of the accounting records reveals he following:

1. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income.

2. Preferred stock is $50 par, 6%, and cumulative; 14,000 shares have been outstanding since January 1, 2019.

3. Authorized stock is 19,000 shares of preferred, 502,000 shares of common with a $15 par value.

4.The January 1 balance in Retained Earnings was $1,200,000.

5. On July 1, 21,700 shares of common stock wee issued for cash at $16 per share.

6. On September 1, the company discovered an understatement error of $87,700 in computing salaries and wages expense in 2019. The net of tax

effect of $61,390 was property debited directly to Retained Earnings.

7. A cash dividend of $376,500 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid

to preferred stockholders' in 2019.

8. 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.

9. Net income for the year was $553,000.

10. On December 31, 2020, the directors authorized disclosures of a $209,000 restriction of retained earnings for planned expansions.

*I have to Reproduce the Retained Earnings account for 2020. Please solve and explain.