Question 3 Indigo Corporation has been authorized to issue 21,000 shares of $100 par value, 9%, noncumulative preferred stock and 1,200,000 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 1,610,000 Treasury Stock (5,000 common shares) Retained Earnings Accumulated Other Comprehensive Income $160,000 22,000 2,010,000 45,000 81,700 50,000 The preferred stock was issued for $182,000 cash. All common stock issued was for cash. In November 5,000 shares of common stock were purchased for the treasury at a per share cost of $9. No dividends were declared in 2017