Flint Company has two classes of capital stock outstanding: 896, $20 par preferred and $5 par common. At December 31, 2017, the following accounts were included in stockholders' equity. Preferred Stock, 152,800 shares Common Stock, 1,998,000 shares Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Retained Earnings $3,056,000 9,990,000 200,000 26,724,000 4,571,000 The following transactions affected stockholders' equity during 2018 Jan. 1 27,600 shares of preferred stock issued at $24 per share. Feb. 151,100 shares of common stock issued at $20 per share. June 1 2-for-1 stock split (par value reduced to $2.50) July 1 27,400 shares of common treasury stock purchased at $10 per share. Flint uses the cost method Sept. 15 9,400 shares of treasury stock reissued at $11 per share Dec. 31 The preferred dividend is declared, and a common dividend of 554 per share is declared. Dec. 31 Net income is $2,076,000