Problem 11-2A (Part Level Submission) The stockholders equity accounts of Concord Corporation on January 1, 2017, were as follows. Preferred Stock (6%, $100 par noncumulative, 4,750 shares authorized) $285,000 Common Stock ($4 stated value, 311,000 shares authorized) 1,036,666 Paid-in Capital in Excess of Par ValuePreferred Stock 14,250 Paid-in Capital in Excess of Stated ValueCommon Stock 497,600 Retained Earnings 705,000 Treasury Stock (4,750 common shares) 38,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders equity. Feb. 1 Issued 4,520 shares of common stock for $27,120. Mar. 20 Purchased 1,100 additional shares of common treasury stock at $9 per share. Oct. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.65 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $283,200. Paid the dividend declared on December 1.