Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 150 shares of preferred stock and 1,300 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021:

March1Issue 1,300 additional shares of common stock for $13 per share.April1Issue 150 additional shares of preferred stock for $23 per share.June1Declare a cash dividend on both common and preferred stock of $0.40 per share to all stockholders of record on June 15.June30Pay the cash dividends declared on June 1.August1Purchase 250 shares of common treasury stock for $10 per share.October1Reissue 150 shares of treasury stock purchased on August 1 for $12 per share.

Nautical has the following beginning balances in its stockholders' equity accounts on January 1, 2021: Preferred Stock, $1,500; Common Stock, $1,300; Additional Paid-in Capital, $17,800; and Retained Earnings, $9,800. Net income for the year ended December 31, 2021, is $6,800.