The post-closing trial balance of Swifty Company SpA at December 31, 2017, contains the following equity accounts. Share Capital -- Preference (14,200 shares issued) Share Capital-Ordinary (249,900 shares issued) Share Premium-Preference Share Premium-Ordinary Ordinary Share Dividends Distributable Retained Earnings 710,000 2,998,800 246,700 402,200 299,880 1,019,840 A review of the accounting records reveals the following. 1. 4. No errors have been made in recording 2017 transactions or in preparing the closing entry for net income. 2. Preference shares are 50 par, 8%, and cumulative; 14,200 shares have been outstanding since January 1, 2016. 3. Authorized shares are 20,000 preference shares, 499,800 ordinary shares with a 12 par value. The January 1 balance in Retained Earnings was 1,137,300. 5. On July 1, 21,900 ordinary shares were issued for cash at 16 per share. 6. On September 1, the company discovered an understatement error of 76,600 in computing depreciation in 2016. The net of tax effect of 53,620 was properly debited directly to Retained Earnings. A cash dividend of 243,900 was declared and properly allocated to preference and ordinary shares on October 1. No dividends were paid to preference shareholders in 2016. On December 31, a 10% ordinary share dividend was declared out of retained earnings on ordinary shares when the market price per share was 16. Net income for the year was 579,900. 10. On December 31, 2017, the directors authorized disclosure of a 208,300 restriction of retained earnings for plant expansion. 8. 9. Reproduce the Retained Earnings account for 2017. (List items in order presented in the problem.) Retained Earnings