On January 1, 2022, Blossom Inc. had the following stockholders' equity balances. Common Stock (400,000 shares issued) $800,000 Paid-in Capital in Excess of Par-Common Stock 500,000 Common Stock Dividends Distributable 110,000 Retained Earnings 500,000 During 2022, the following transactions and events occurred. Issued 55,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023. 1 2. Issued 27,500 shares of common stock for cash at $4 per share. 3. Purchased 20,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $110,000. 5. Sold 5,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $320,000. ceding