On January 1, 2022, Cullumber Inc. had the following stockholders' equity balances. Common Stock (505,000 shares issued) $1,010,000 Paid-in Capital in Excess of Par-Common Stock 600,000 Common Stock Dividends Distributable 230,000 Retained Earnings 680,000 During 2022, the following transactions and events occurred. 1. Issued 115,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023. 2. Issued 57,500 shares of common stock for cash at $4 per share. 3. Purchased 27,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $112,000. Sold 9,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $335,000.