The post-closing trial balance of Sandhill Corporation at December 31, 2020, contains the following stockholders' equity accounts. Preferred Stock (15,900 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 795,000 3,645,000 243,000 408,000 364,500 978,660 A review of the accounting records reveals the following 1. 2. 3. 4. 5. 6. No errors have been made in recording 2020 transactions or in preparing the closing entry for net income. preferred stock is $50 par, 696, and cumulative; 15,900 shares have been outstanding since January 1, 2019 Authorized stock is 20,900 shares of preferred, 486,000 shares of common with a $15 par value. The January 1 balance in Retained Earnings was $1,200,000. On July 1, 19,300 shares of common stock were issued for cash at $16 per share. On September 1, the company discovered an understatement error of $87,200 in computing salaries and wages expense in 2019. The net of tax effect of $61,040 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 7. preferred stockholders in 2019 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 $16. 9. Net income for the year was $593,000. 10. On December 31, 2020, the directors authorized disclosure of a $200,000 restriction of retaied earnings for plant expansion. (Use Note X.) Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.) SHOW LIST Prepare a stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) SANDHILL CORPORATION. Partial Balanoe Sheet Prepare a stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) SANDHILL CORPORATION. Partial Balance Sheet SHOW LIST OF ACCOUNTS TEXT LINK TO TEXT 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 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO