Culver Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders equity. Preferred Stock, 160,200 shares $ 3,204,000 Common Stock, 1,983,000 shares 9,915,000 Paid-in Capital in Excess of ParPreferred Stock 200,000 Paid-in Capital in Excess of ParCommon Stock 26,495,000 Retained Earnings 4,431,000 The following transactions affected stockholders equity during 2018. Jan. 1 29,300 shares of preferred stock issued at $24 per share. Feb. 1 48,800 shares of common stock issued at $21 per share. June 1 2-for-1 stock split (par value reduced to $2.50). July 1 28,100 shares of common treasury stock purchased at $11 per share. Culver uses the cost method. Sept. 15 10,200 shares of treasury stock reissued at $12 per share. Dec. 31 The preferred dividend is declared, and a common dividend of 55 per share is declared. Dec. 31 Net income is $2,103,000.