Problem 14-02A a-c (Part Level Submission) The post-closing trial balance of Pharoah Corporation at December 31, 2020, contains the following stockholders' equity accounts $760,000 2,580,000 258,000 380,000 258,000 968,470 Preferred Stock (15,200 shares issued) Common Stock (258,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock n) art Paid-in Capital in Excess of Par-Common Stock nRetained Earnings Common Stock Dividends Distributable A review of the accounting records reveals the following 1.No errors have been made in recording 2020 transactions or in 2. Preferred stock is $50 par, 696, and cumulative; 15,200 shares have 3.Authorized stock is 20,200 shares of preferred, 516,000 shares of 4. The January 1 balance in Retained Earnings was $1,190,000 preparing the closing entry for net income been outstanding since January 1, 2019 common with a $10 par value On July 1, 20,700 shares of common stock were issued for cash at $18 per share On September 1, the company discovered an understatement error of $85,900 in computing salaries and wages expense in 2019. The net of tax effect of $60,130 was properly debited directly to Retained Earnings 6. 7.A cash dividend of $258,000 was declared and properly allocated to preferred and common stock on October 1. No dividends were paid to preferred stockholders in 2019 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 s, 9. Net income for the year was $561,000 10. On December 31, 2020, the directors authorized disclosure of a $203,000 restriction of retained earnings for plant expansion. (Use Note X.) Reproduce the Retained Earnings account for 2020. (List items in order presented in the problem.)