Sheridan Tandy Company reported the following post-closing balances at December 31,2021 : common stock $507,000; paid-in capital in excess of par-common stock $207,000; retained earnings $357,000. During 2022, the following transactions affected stockholder's equity. 1. Issued preferred stock with a par value of $207,000 for $237,000. 2. Purchased treasury stock (common) for $77,000. 3. Earned net income of $246,496 4. Declared and paid cash dividends of $93,000($23,000 preferred). (a)