Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:Line Item DescriptionAmountPreferred $2\%$ Stock, $$50$ par $(70,000$ shares authorized, $35,000$ shares issued$)$$$1,750,000$Paid$-$In Capital in Excess of ParPreferred Stock$350,000$Common Stock, $$15$ par $(600,000$ shares authorized, $170,000$ shares issued$)2,550,000$Paid$-$In Capital in Excess of ParCommon Stock$330,000$Retained Earnings$10,558,000$During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:Purchased $36,000$ shares of treasury common for $$19$ per share.Sold $18,000$ shares of treasury common for $$22$ per share.Issued $18,000$ shares of preferred $2\%$ stock at $$69.$Issued $60,000$ shares of common stock at $$22,$ receiving cash.Sold $12,000$ shares of treasury common for $$17$ per share.Declared cash dividends of $$1\mathrm{.}00$ per share on preferred stock and $$0\mathrm{.}10$ per share on common stock.Paid the cash dividends.