On December 31, 2021, Cullumber Company had 1,265,000 shares of $5 par common stock issued and outstanding. At December 31, 2021, stockholders equity had the amounts listed here. Common Stock $6,325,000 Additional Paid-in Capital 1,885,000 Retained Earnings 1,260,000 Transactions during 2022 and other information related to stockholders equity accounts were as follows. 1. On January 10, issued at $108 per share 117,000 shares of $104 par value, 8% cumulative preferred stock. 2. On February 8, reacquired 12,400 shares of its common stock for $14 per share. 3. On May 9, declared the yearly cash dividend on preferred stock, payable June 10, to stockholders of record on May 31. 4. On June 8, declared a cash dividend of $1.00 per share on the common stock outstanding, payable on July 10, to stockholders of record on July 1. 5. Net income for 2022 was $3,653,000.

Record the journal entries that are required for items 15 above.

Prepare the stockholders equity section of Cullumbers' balance sheet at December 31, 2022.