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 Description Amount Preferred 2% Stock, $50 par (80,000 shares authorized, 40,000 shares issued) $2,000,000 Paid-In Capital in Excess of ParPreferred Stock 240,000 Common Stock, $15 par (800,000 shares authorized, 200,000 shares issued) 3,000,000 Paid-In Capital in Excess of ParCommon Stock 390,000 Retained Earnings 11,936,000

During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:

1. Purchased 48,000 shares of treasury common for $16 per share.
2. Sold 24,000 shares of treasury common for $19 per share.
3. Issued 20,000 shares of preferred 2% stock at $65.
4. Issued 80,000 shares of common stock at $18, receiving cash.
5. Sold 16,000 shares of treasury common for $14 per share.
6. Declared cash dividends of $1.00 per share on preferred stock and $0.06 per share on common stock.
7. Paid the cash dividends.

Required