Problem 11-3A The stockholders' equity accounts of Skysong. Inc. on January 1, 2019, were as follows. Preferred stock (B%.52 par, cumulative, 11,000 shares authorized) Common Stock ($1 stated value, 2,000,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stoclk Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (10,000 common shares) 390,000 1,000,000 130,000 1,500,000 1,750,000 50,000 During 2019, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 26,000 shares of common stock for $124,000 Apr. 14 Sold S,600 shares of treasury stock common for 532,400. Sept. 3 Issued 4,800 shares of common stock for a patent valued at 534,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $435,000 No dividends were declared during the year