Pina Colada Corporation is authorized to issue 22,000 shares of $50 par value, 10% preferred stock and 120,000 shares of $5 par value common stock. On January 1, 2022, the ledger contained the following stockholders' equity balances. Preferred Stock (12,000 shares) $600,000 Paid-in Capital in Excess of Par-Preferred Stock 71,000 Common Stock (66,00 shares) 330,000 Paid-in Capital in Excess of Par-Common Stock 740,000 Retained Earnings 270,000