Question 1 The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows Preferred Stock (796, $100 par noncumulative, 4,100 shares authorized) Common Stock ($4 stated value, 305,200 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 (4,100 common shares) $246,000 976,640 12,300 244,160 695,000 32,800 During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity Feb. 1 Issued 4,700 shares of common stock for $28,200 Mar. 20 Purchased 1,660 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 $0.50 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 $275,800. Paid the dividend declared on December 1