The post-closing trial balance of Ivanhoe Corporation at December 31, 2022, contains the following stockholders' equity accounts. Preferred Stock (15,900 shares issued) Common Stock (247,000 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 1. A review of the accounting records reveals the following. 2. 3. 4. 5. 6. 7. 8. 9. 10. (a) (b) (c) No errors have been made in recording 2022 transactions or in preparing the closing entry for net income. Preferred stock is $50 par, 6%, and cumulative; 15,900 shares have been outstanding since January 1, 2021. Authorized stock is 20,900 shares of preferred, 494,000 shares of common with a $10 par value. The January 1 balance in Retained Earnings was $1,110,000. On July 1, 19,400 shares of common stock were issued for cash at $18 per share. On September 1, the company discovered an understatement error of $90,500 in computing salaries and wages expense in 2021. The net of tax effect of $63,350 was properly debited directly to Retained Earnings. A cash dividend of $247,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2021. Your answer is correct. 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. Net income for the year was $583,000. On December 31, 2022, the directors authorized disclosure of a $192,000 restriction of retained earnings for plant expansion. (Use Note X.) Reproduce the Retained Earnings account for 2022. (List items in order presented in the problem.) Sept. 1 Prior Per. Adj. Dec. 31 Cash Dividends Dec. 31 Stock Dividends eTextbook and Media List of Accounts Your answer is partially correct. Capital Stock Additional Paid-in Capital Total Paid-in Capital $795,000 2,470,000 247,000 398,000 247,000 Retained Earnings 938,050 Total Stockholders' Equity eTextbook and Media List of Accounts Save for Later Last saved 25 minutes ago. Retained Earnings 63350 Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do not provide descriptive information.) eTextbook and Media 247000 444600 December 31, 2022 Jan. 1 Balance Allocation of the cash dividend to preferred stock $ Dec. 31 Net Income IVANHOE CORPORATION Partial Balance Sheet Allocation of the cash dividend to common stock $ Dec. 31 Balance Compute the allocation of the cash dividend to preferred and common stock. $ 2470000 247000 247000 $ 1110000 $ 583000 938050 Attempts: 3 of 5 used Attempts: 1 of 5 used 795000 2717000 4157000 938050 5095050 Submit Answer