Question 4 of 4 < > View Policies -/25 Current Attempt in Progress Ayayai Corporation has been authorized to issue 20,000 shares of $100 par value. 10%, preferred stock and 888,000 shares of no- par common stock. The corporation assigned a $2.40 stated value to the common stock. At December 31, 2020, the ledger contained the following balances pertaining to stockholders' equity. Preferred Stock $100,000 Paid-in Capital in Excess of Par-Preferred Stock 40,000 Common Stock 888,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,332,000 Treasury Stock (800 common shares) 8,800 Paid-in Capital from Treasury Stock 1,200 80,000 50,000 Retained Earnings Accumulated Other Comprehensive Income The preferred stock was issued for land having a fair value of $140,000. All common stock issued was for cash. In November, 1.200 shares of common stock were purchased for the treasury at a per share cost of $11. In December, 400 shares of treasury stock were sold for $14 per share. No dividends were declared in 2020.