The post-closing trial balance of Blossom Corporation at December 31, 2022, contains the following stockholders' equity accounts. Preferred Stock (15,200 shares issued) Common Stock (243,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings 1. 2. 3. 4. 5. A review of the accounting records reveals the following. 6. 7. 8. 9. $760,000 10. 3,645,000 243,000 417,000 364,500 881,460 No errors have been made in recording 2022 transactions or in preparing the closing entry for net incor Preferred stock is $50 par, 6%, and cumulative; 15,200 shares have been outstanding since January 1, 2021. Authorized stock is 20,200 shares of preferred, 486,000 shares of common with a $15 par value. The January 1 balance in Retained Earnings was $1,190,000. On July 1, 20,900 shares of common stock were issued for cash at $18 per share. On September 1, the company discovered an understatement error of $85,200 in computing salaries and wages expense in 2021. The net of tax effect of $59,640 was properly debited directly to Retained Earnings. A cash dividend of $364,500 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 $18. Net income for the year was $553,000. On December 31, 2022, the directors authorized disclosure of a $191,000 restriction of retained earnings for plant expansion. (Use Note X.)

The post-closing trial balance of Blossom Corporation at December 31, 2022, contains the following stockholders' equity accounts. A review of the accounting records reveals the following. 1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net incor 2. Preferred stock is $50 par, 6%, and cumulative; 15,200 shares have been outstanding since January 1, 2021. 3. Authorized stock is 20,200 shares of preferred, 486,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1,190,000. 5. On July 1,20,900 shares of common stock were issued for cish at $18 per share. 6. On September 1, the company discovered an understatement error of $85.200 in computing salaries and wages expense in 2021. The net of tax effect of $59.640 was properly debited directly to Retained Earnings. 7. A cash dividend of $364,500 was declared and properly allocated to preferred and common stock on October 1 . No dividends were paid to preferred stockholders in 2021. 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 $18. 9. Net income for the year was $553,000. 10. On December 31,2022 , the directors authorized disclosure of a $191.000 restriction of retained eamings for plant expansion. (Use Note X) Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem.) Prepare a stockholders' equity section at December 31, 2022. (Enter account name anly and do not provide descriptile information) BLOSSOM CORPORATION Partial Balance Sheet December 31. 2022 Slockholders' Equity Paid in Capital Capitaisiock Prelerred Stock \begin{tabular}{l} Common Stock \\ \hline Common Stock Dividends Distributable \\ \hline Total Copital Stock \\ \hline Additional Paid-in Copital \\ \hline \end{tabular} Paidin Capital in Eacess of Par-Preferred Stack Paid in Capital in Excem of Par Common Stock eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Attempts: 0 of 1 used