Cheyenne Corp. has been authorized to issue 20,500 shares of $100 par value, 10%, noncumulative preferred stock and 894,000 shares of no-par common stock. The corporation assigned a $2.40 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock $120,000 Paid-in Capital in Excess of Par-Preferred Stock 23,500 Common Stock 894,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,843,875 Treasury Stock (980 common shares) 10,780 Paid-in Capital from Treasury Stock Retained Earnings 1,470 81,000 All preferred stock was issued for land having a fair value of $143,500. All common stock issued was for cash. In November, 1,470 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 490 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022.