On January 1, 2022, Sandhill Inc. had the following stockholders' equity balances. Common Stock (550,000 shares issued) $1,100,000 Paid-in Capital in Excess of Par-Common Stock 510.000 Common Stock Dividends Distributable 140,000 Retained Earnings 580,000 During 2022, the following transactions and events occurred. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023. 1. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 34,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $115,000. 5. Sold 7,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $340,000.