L&D Corporation was established in 2016. L&D has authorized 50,000 shares of common stock, par value $5 per share, and 10,000 authorized shares of 8% preferred stock, par value $25 per share. Net Income for 2016 was $320,000. The following transactions took place during 2016:

January 1 Issued 45,000 shares of common stock for cash at $25 per share.

February 1 Issued 5,000 shares of preferred stock for cash of $75 per share.

June 1 Repurchased 7,500 shares of L&D common stock at $24 per share.

August 1 Reissued 1,000 shares of the treasury stock at $26 per share.

December 1 Declared cash dividends on Common Stock only totaling $100,000 to be paid on January 15, 2017 to owners on record as of December 31, 2016.