The books of Sunland Corporation carried the following account balances as of December 31, 2020. Cash $ 198,000 Preferred Stock (6% cumulative, nonparticipating. $50 par) 326,000 Common Stock (no-par value, 322,000 shares issued) 1,610,000 Paid-in Capital in Excess of Par-Preferred Stock 153,000 Treasury Stock (common 3,000 shares at cost) 36,000 Retained Earnings 97,600 The company decided not to pay any dividends in 2020. The board of directors, at their annual meeting on December 21, 2021, declared the following: "The current year dividends on the preferred and $0.30 per share on the common. The dividends in arrears shall be paid by issuing 1.630 shares of treas