On January 1, 2022, the stockholders' equity section of Sheridan Company shows common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,080,000; and retained earnings $1,210,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 48,000 shares for cash at $15 per share. July - 1 Sold 11,500 treasury shares for cash at $17 per share. Sept. 1 Sold 10,000 treasury shares for cash at $14 per share.