Martinez Corp. has been authorized to issue 19,800 shares of $100 par value, 9%, noncumulative preferred stock and 1,080,000 shares of no-par common stock The corporation assigned a $4 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $148,000 Paid-in Capital in Excess of Par Value-Preferred Stock 20,800 Common Stock 1,950,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,490,000 Treasury Stock (3,950 common shares) 43,450 Retained Earnings 84,000 Accumulated Other Comprehensive Income 48,800 The preferred stock was Issued for $168,800 cash. All common stock issued was for cash. In November 3,950 shares of common stock were purchased for the treasury at a per share cost of $11. No dividends were declared in 2022. (a)