On January 1, Year 7, Powder Company provided the following shareholders' equity section of its balance sheet: During the year, the following transactions and events occurred and were properly recorded: 1. Powder issued 1,800 shares of common stock at $13 per share. 2. Powder issued 340 shares of preferred stock at $130 per share. 3. Powder earned net income of $38,950. 4. Powder paid a $7 per share dividend on the preferred stock and a $1 per share dividend on the common stock outstanding at the end of Year 7