Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common, As of the beginning of 2018, 125 shares of preferred stock and 3,000 shares of common stock have been issued. The following transactions effect stockholders equity during 2018 March 1 Issue 3,000 additional shares of common stock for $10 per share. April 1 Issue 175 addtional shares of preferred stock for $40 per share June 1 Declare cash dividend on both common and preferred stock of $0.25 per share to altockholders of record on June June 30 Pay the cash dividends declered on Junet August 1 Puechese 175 shares of common treasury stock for $7 per share October 1 Reissue 125 shares of treesury stock purchased on August 1 for $9 per share hen ng balances in its stockholders' equity acc arts on January 1,2 Preferred Sock,$1,250, Com mon ockS3,000 Addi nal Paid Capital, $1250. and Retained Earnings, $11500. Net income for the year ended December 31, 2018, is $7650