The post-closing trial balance of Pina Colada Corp. at December 31, 2022. contains the following stockholders' equity accounts. Preferred Stock (15.700 shares issued) Common Stock (246,000 shares issued) Pald-in Capital in Excess of Par-Preferred Stock Pald-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $785.000 2.460,000 251.000 402.000 246.000 1.041,200 2. 3. 4 6. 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. Preferred stock is $50 par, 6%, and cumulative: 15,700 shares have been outstanding since January 1, 2021 Authorized stock is 20.700 shares of preferred. 492,000 shares of common with a $10 par value. The January 1 balance in Retained Earnings was $1.190,000 5. On July 1, 18,000 shares of common stock were issued for cash at $16 per share. On September 1, the company discovered an understatement error of $91,000 in computing depreciation in 2019, which overstated net income. The net of tax effect of $63,700 was properly debited directly to Retained Earnings. A cash dividend of $246,000 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. Net Income for the year was $554.500. 10 On December 31, 2022, the directors authorized disclosure of a $204,000 restriction of retained earnings for plant expansion (Use Note X) 7. 8 9. (a) Reproduce the Retained Earnings account (T-account) for 2022. List itens in order presented in the problem.) Retained Earnings