The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 13,000 shares authorized) $780,000 Common Stock ($4 stated value, 780,000 shares authorized) 2,600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 39,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,248,000 Retained Earnings 1,788,800 Treasury Stock (13,000 common shares) 104,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 13,000 shares of common stock for $78,000. Mar. 20 Purchased 2,600 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 Dec. 1 Dec. 31 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Determined that net income for the year was $730,000. Paid the dividend declared on December 1.