The stockholders' equity accounts of Concord Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) $390,000 Common Stock ($1 stated value, 2,000,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par-Preferred Stock 130,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,500,000 Retained Earnings 1,750,000 Treasury Stock (10,000 common shares) 50,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $124,000. Apr. 14 Sold 5,600 shares of treasury stock-common for $32,400. Sept. Issued 4,800 shares of common stock for a patent valued at $34,000. Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Nov. 10 Dec. 31 Determined that net income for the year was $435,000. No dividends were declared during the year.