The following selected accounts appear in the ledger of Clear Skies Environmental Corporation on July 1, 2008, the beginning of the current fiscal year: Preferred 2% stock, $100 par (25,000 shares authorized, 18,000 shares issued.)......... $1,800,000 Paid in Capital in excess of Par- Preferred Stock............... $216, 000 Common stock, $40 par (100,000 shares authorized, 70,000 issued.)........... $2,800,000 Paid in Capital in excess of Par- Common Stock............... $700,000 Retained Earnings................ $3,200,000 During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Issued 12,000 shares of common stock at $62, receiving cash. b. Sold 5,000 shares of preferred 2% stock at $124. c. Purchased 10,000 shares of treasury common for $580,000. d. Sold 7,500 shares of treasury common for $457,500. e. Sold 1,500 shares of treasury common for $82,500. f. Declared cash dividends of $2 per share on preferred stock and $0.50 per share on common stock. g. Paid the cash dividends