The post-closing trial balance of Storey Corporation at December 31, 2014, contains the following stockholders equity accounts.

Preferred Stock (14,700 shares issued)		$735,000
Common Stock (251,600 shares issued)		2,767,600
Paid-in Capital in Excess of ParPreferred Stock		241,500
Paid-in Capital in Excess of ParCommon Stock		402,400
Common Stock Dividends Distributable		276,760
Retained Earnings		949,740

A review of the accounting records reveals the following.

1.		No errors have been made in recording 2014 transactions or in preparing the closing entry for net income.
2.		Preferred stock is $50 par, 6%, and cumulative; 14,700 shares have been outstanding since January 1, 2013.
3.		Authorized stock is 19,700 shares of preferred, 503,200 shares of common with a $11 par value.
4.		The January 1 balance in Retained Earnings was $1,177,400.
5.		On July 1, 20,500 shares of common stock were issued for cash at $18 per share.
6.		On September 1, the company discovered an understatement error of $85,600 in computing depreciation in 2013. The net of tax effect of $59,920 was properly debited directly to Retained Earnings.
7.		A cash dividend of $276,760 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2013.
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 $18.
9.		Net income for the year was $561,900.
10.		On December 31, 2014, the directors authorized disclosure of a $197,900 restriction of retained earnings for plant expansion. (Use Note X.)