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The ledger of Waite Corporation at December 31, 2017, after the books have been closed, contains the following stockholders equity accounts. Preferred Stock (10,000 shares issued) .......................................... $1,000,000 Common Stock (300,000 shares issued) ........................................ 1,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock ................... 200,000 Paid-in Capital in Excess of Stated Value-Common Stock ............... 1,600,000 Retained Earnings ................................................................. 2,860,000 A review of the accounting records reveals this information: 1. Preferred stock is 8%, $100 par value, noncumulative. Since January 1, 2016, 10,000 shares have been outstanding; 20,000 shares are authorized. 2. Common stock is no-par with a stated value of $5 per share; 600,000 shares are authorized. 3. The January 1, 2017, balance in Retained Earnings was $2,380,000. 4. On October 1, 60,000 shares of common stock were sold for cash at $9 per share. 5. A cash dividend of $400,000 was declared and properly allocated to preferred and common stock on November 1. No dividends were paid to preferred stockholders in 2016. 6. Net income for the year was $880,000. 7. On December 31, 2017, the directors authorized disclosure of a $160,000 restriction of retained earnings for plant expansion. (Use Note A.) Instructions (a) Reproduce the Retained Earnings account (T-account) for the
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