Flounder Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock...

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Flounder Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,023,300 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $130,000 Paid-in Capital in Excess of Par-Preferred Stock 11,500 Common Stock 1,023,300 Paid-in Capital in Excess of Stated Value-Common Stock 1,250,700 Treasury Stock (980 common shares) 11,760 Paid-in Capital from Treasury Stock 1,470 Retained Earnings 80,500 The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 1,470 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 490 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. Flounder Corporation has been authorized to issue 21,000 shares of $100 par value, 10%, preferred stock and 1,023,300 shares of no-par common stock. The corporation assigned a $2.70 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $130,000 Paid-in Capital in Excess of Par-Preferred Stock 11,500 Common Stock 1,023,300 Paid-in Capital in Excess of Stated Value-Common Stock 1,250,700 Treasury Stock (980 common shares) 11,760 Paid-in Capital from Treasury Stock 1,470 Retained Earnings 80,500 The preferred stock was issued for land having a fair value of $141,500. All common stock issued was for cash. In November, 1,470 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 490 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022.