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The stockholders' equity accounts of Culver Corporation on January 1,2025 , were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8,000 shares of common stock for $48,000. Mar. 20 Purchased 1,600 additional shares of common treasury stock at $7 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 31,2 Dec 31 Determined that net income for the year was $450,000. Paid the dividend declared on December 1. Date Account Titles and Explanation Debit Credit