On January 1, 2022, Cullumber Company had the following stockholders' equity balances. Common Stock (400,000 shares issued) $800,000 Paid-in Capital in Excess of Par-Common Stock 450,000 Common Stock Dividends Distributable 120,000 Retained Earnings 550,000 During 2022, the following transactions and events occurred. 1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 25,000 shares of common stock for cash at $5 per share. 3. Purchased 20,000 shares of common stock for the treasury at $6 per share. 4. Declared and paid a cash dividend of $100,000. 5. Sold 7,000 shares of treasury stock for cash at $6 per share. 6. Earned net income of $300,000.