Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2022, the ledger contained the following post-closing balances pertaining to stockholders' equity. Preferred Stock $120,000 Paid-in Capital in Excess of Par-Preferred Stock 20,000 Common Stock 1,000,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,800,000 Treasury Stock (1,000 common shares) 11.000 Paid-in Capital from Treasury Stock 1,500 Retained Earnings 82,000 All the preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 500 shares of treasury stock were sold for $14 per share. No dividends were declared in 2022.