The stockholders' equity accounts of Blue Spruce Corp. on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) $475,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,520,000 Paid-in Capital in Excess of Par Value-Preferred Stock 62,000 Paid-in Capital in Excess of Stated Value Common Stock 930,000 Retained Earnings 740,000 Treasury Stock (8,900 common shares) 71,200 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar 1 Issued 6,100 shares of common stock for $80 per share. June 22 Purchased 1,500 additional shares of common treasury stock at $11 per share. Sept. 1 Declared a 10% cash dividend on preferred stock, payable October 1. Oct. 1 Paid the dividend declared on September 1. Dec. 1 Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. 31 Determined that net income for the year was $119,000. Paid the dividend declared on December 1.