On January 1, 2022, Sunland Inc. had the following stockholders' equity balances. Common Stock (485,000 shares issued) $970,000 Paid-in Capital in Excess of Par-Common Stock 510,000 Common Stock Dividends Distributable 130,000 Retained Earnings 640,000 During 2022, the following transactions and events occurred. 1. Issued 65,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023. Issued 32.500 shares of common stock for cash at $4 per share. 2. 3. Purchased 28,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $110,000. 5. Sold 7,000 shares of treasury stock for cash at $5 per share.