Question 13 of 13 View Policies: K ./5 1 Current Attempt in Progress Flint Corporation has been authorized to issue 20.500 shares of $100 par value, 10%, preferred stock and 987,500 shares of no-part common stock. The corporation assigned a $2.50 stated value to the common stock. At December 31, 2022, the ledger contained the following balances pertaining to stockholders' equity Preferred Stock $110,000 Paid-in Capital in Excess of Par-Preferred Stock 32.000 Common Stock 987,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,382.500 Treasury Stock (1,040 common shares) 12.480 Paid-in Capital from Treasury Stock 1,560 81,000 Retained Earnings The preferred stock was issued for land having a fair value of $142,000. All common stock issued was for cash, in November, 1.560 shares of common stock were purchased for the treasury at a per share cost of $12. In December, 520 shares of treasury stock were sold for $15 per share. No dividends were declared in 2022. (a)