The post-closing trial balance of Russo SpA at December 31, 2020, contains the fol C. Total equity P12.5 (LO 3, 4) The lowing equity accounts. Prepare retained and equity section dividends. Share Capital-Preference (12.000 shares issued) Share Capital - Ordinary (250,000 shares issued) Share Premium-Preference Share Premium-Ordinary Ordinary Share Dividends Distributable Retained Earnings 600.000 2,500,000 250,000 425,000 250,000 1,078,000 counting records reveals the following A review of the accounting recor errors have been made in recording 2020 transactions or in preparing the closing entry for net income. Preference shares are 50 par, 8%, and cumulative; 12,000 shares have been outstanding since January 1, 2019. 2Authorized shares are 20,000 preference shares, 500,000 ordinary shares with a 10 par value. 4. The January 1 balance in Retained Earnings was 1.158,000. 5. On July 1, 20,000 ordinary shares were issued for cash at 16 per share. 6. A cash dividend of 240,000 was declared and properly allocated to preference and ordinary shares on October 1. No dividends were paid to preference shareholders in 2019. 7. On December 31. a 10% ordinary share dividend was declared out of retained earnings on ordinary shares when the market price per share was 17. 8. Net income for the year was 585,000. 9. On December 31, 2020, the directors authorized disclosure of a 200,000 restriction of retained earn- ings for plant expansion. (Use Note X.) Instructions a. Reproduce the Retained Earnings account for b. Prepare a retained earnings statement for 2020. c. Tota pare an equity section at December 31, 2020. mpute the allocation of the cash dividend to preference and ordinary shares. Prepar and pre d. Compute the allocation raining Theorized to issue 20,000 100 par value, 10%, non-cumulative m any assigned a 2.50 stated value The post-closing trial balance of Russo SpA at December 31, 2020, contains the fol C. Total equity P12.5 (LO 3, 4) The lowing equity accounts. Prepare retained and equity section dividends. Share Capital-Preference (12.000 shares issued) Share Capital - Ordinary (250,000 shares issued) Share Premium-Preference Share Premium-Ordinary Ordinary Share Dividends Distributable Retained Earnings 600.000 2,500,000 250,000 425,000 250,000 1,078,000 counting records reveals the following A review of the accounting recor errors have been made in recording 2020 transactions or in preparing the closing entry for net income. Preference shares are 50 par, 8%, and cumulative; 12,000 shares have been outstanding since January 1, 2019. 2Authorized shares are 20,000 preference shares, 500,000 ordinary shares with a 10 par value. 4. The January 1 balance in Retained Earnings was 1.158,000. 5. On July 1, 20,000 ordinary shares were issued for cash at 16 per share. 6. A cash dividend of 240,000 was declared and properly allocated to preference and ordinary shares on October 1. No dividends were paid to preference shareholders in 2019. 7. On December 31. a 10% ordinary share dividend was declared out of retained earnings on ordinary shares when the market price per share was 17. 8. Net income for the year was 585,000. 9. On December 31, 2020, the directors authorized disclosure of a 200,000 restriction of retained earn- ings for plant expansion. (Use Note X.) Instructions a. Reproduce the Retained Earnings account for b. Prepare a retained earnings statement for 2020. c. Tota pare an equity section at December 31, 2020. mpute the allocation of the cash dividend to preference and ordinary shares. Prepar and pre d. Compute the allocation raining Theorized to issue 20,000 100 par value, 10%, non-cumulative m any assigned a 2.50 stated value