Problem 11-5A (Part Level Submission) Concord Corporation has been authorized to issue 20,700 shares of $100 par value, 6%, noncumulative preferred stock and 1,170,000 shares of no-par common stock. The corporation assigned a $4 stated value to the common stock. At December 31, 2017, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Treasury Stock (4,700 common shares) Retained Earnings Accumulated Other Comprehensive Income $157,000 21,700 1,995,000 1,580,000 47,000 84,100 49,700 The preferred stock was issued for $178,700 cash. All common stock issued was for cash. In November 4,700 shares of common stock were purchased for the treasury at a per share cost of $10. No dividends were declared in 2017