The post-closing trial balance of Pharoah Corporation at December 31, 2022, contains the following stockholders' equity accounts. Preferred Stock (14,000 shares issued) $700,000 Common Stock (240,000 shares issued) 3,600,000 Paid-in Capital in Excess of Par-Preferred Stock 240,000 Paid-in Capital in Excess of Par-Common Stock 410,000 Common Stock Dividends Distributable Retained Earnings 360,000 934,820 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 stock is $50 par, 6%, and cumulative: 14,000 shares have been outstanding since January 1, 2021. 3. Authorized stock is 19,000 shares of preferred, 480,000 shares of common with a $15 par value. 4. The January 1 balance in Retained Earnings was $1.170.000 5. On July 1, 18.100 shares of common stock were issued for cash at $16 per share 6. 7. On September 1, the company discovered an understatement error of $87,400 in computing salaries and wages expense in 2021. The net of tax effect of $61.180 was properly debited directly to Retained Earnings A cash dividend of $360.000 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. 9. Net income for the year was $570,000 10. On December 31, 2022, the directors authorized disclosure of a $190.000 restriction of retained earnings for plant expansion. (Use Note X)