Finishing Touches has two classes of stock authorized: $8\%,$ $$10$ par preferred, and $$1$ par value common. The following transactions affect stockholders' equity during $2024,$ its first year of operations:

January $2$ Issues $100,000$ shares of common stock for $$35$ per share.

February $6$ Issues $3,000$ shares of $8\%$ preferred stock for $$11$ per share.

September $10$ Purchases $11,000$ shares of its own common stock for $$40$ per share.

December $15$ Resells $5,500$ shares of treasury stock at $$45$ per share.

In its first year of operations, Finishing Touches has net income of $$160,000$ and pays dividends at the end of the year of $$94,500($$$1$ per share$)$ on all common shares outstanding and $$2,400$ on all preferred shares outstanding.