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The stockholders' equity accounts of Flounder Corp. on January 1, 2022 were as follows. $300,000 Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) Paid-in Capital in Excess of Par Value - Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,000 common shares) 1,000,000 15,000 480,000 693,000 40,000 1 Mar. 20 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. Issued 5,000 shares of common stock for $30,000. Purchased 1,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Paid the dividend declared on December 1 Prepare the stockholders' equity section of the balance sheet at December 31, 2022. Include 2022 net income of $285,000 as an increase to the January 1, 2022, Retained Earnings. FLOUNDER CORP. Partial Balance Sheet December 31, 2022 Stockholders' Equity Paid-in Capital Capital Stock Preferred Stock $ 300000 Common Stock 1020000 Total Capital Stock Additional Paid-in Capital Paid-in Capital in Excess of Par Value-Common Stock 490000 Paid-in Capital in Excess of Par Value: Preferred Stock 15000 Prepare the stockholders' equity section of the balance sheet at December 31, 2022. Include 2022 net income of $285,000 as an increase to the January 1, 2022, Retained Earnings. FLOUNDER CORP. Partial Balance Sheet December 31, 2022 ers' Equity pital sck d Stock 300000 n Stock 1020000 tal Stock $ 1320000 Paid-in Capital Capital in Excess of Par Value-Common Stock 490000 Capital in Excess of Par Value:Preferred Stock 15000 Total Additional Paid-in Capital Total Paid-in Capital Retained Earnings Total Paid-in Capital and Retained Earnings Less : Treasury Stock Total Stockholders' Equity $ bral Pald-in Capital 505000 Capital 1825000 Earnings 779200 Capital and Retained Earnings 2604200 Treasury Stock 48000 volders' Equity . 2556200