The post-closing trial balance of Crane 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 income. 2. Preferred stockis $50 par, 6%, and cumulative; 14,500 shares have been outstanding since January 1, 2021 . 3. Authorized stock is 19,500 shares of preferred, 510,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1,170,000. 5. On July 1, 18,700 shares of common stock were issued for cash at $16 per share. 6. On September 1, the company discovered an understatement error of $93,000 in computing salaries and wages expense in 2021. The net of tax effect of $65,100 was properly debited directly to Retained Earnings. 7. 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. 8. On December 31, a 10% common stock dividend was declared out of retained earnings on common stock when the market 9. Net income for the year was $576,000. 10. On December 31,2022 , the directors authorized disclosure of a $194,000 restriction of retained earnings for plant expansion. (Use Note X.) (a) Reproduce the Retained Earnings account for 2022 . (List items in order presented in the problem.) 5 $ 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