x New Tab https US Kimmel, Financial Accounting, Be Problem 11 4A The ledger of Sarasota Corp. at December 31, 2017, after the books have been dned. co tahs the talwing ockholder euity acounts. Preferred Stock (10,900 shares issued) Common Stock (307,000 shares issued) $1,111,800 1,535,000 d Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock 1,530,000 Retained Earnings 2,847,000 A review of the accounting records reveals this information 1. Preferred stock is 7%. $102 par vale onurulative. Snce January 1, 2016, 10.900 shares have been otstand ng: 21.800 charware adharket 2. Common stook is no par with a stated value of $5 per share: 614,000 shares are authorized 3. The January 1, 2017, balance in Retained Earnings was $2,400,00. 4. On October 1, 64,000 shares of common stock were sold for cash a s1oper share S. A cash diidend of $392,000 was dedlared and properly allocated to preferred and commen stock on November 1. No dividends were pald to preferred stockholders in 20 6. Net income for the year was $839,000. 7. On December 31, 2017, the directors authorized Ssdosure of a$155,000 restriction of retlained earmings for plant expansion. (Use Note Aj Reproduce the Ratained Earnings account for the year DOLL