Question 1 The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows. Preferred Stock (796, $100 par noncumulative, 5,100 shares authorized) Common Stock ($4 stated value, 306,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (5,100 common shares) $306,000 979,200 15,300 489,600 709,100 40, 00 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4,900 shares of common stock for $34,300. Mar. 20 Purchased 1,610 additional shares of common treasury stock at $8 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1 Dec. 1 Declared a $0.40 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014. Dec. 31 Determined that net income for the year was $284,300. Paid the dividend declared on December 1