The stockholders' equity accounts of Culver Corporation on January 1, 2025, were as follows. Preferred Stock (7%, $100 par noncumulative, 8,000 shares authorized) $480.000 Common Stock ($4 stated value, 480,000 shares authorized) 1,600,000 Paid-in Capital in Excess of Par-Preferred Stock 24,000 Paid-in Capital in Excess of Stated Value-Common Stock 768.000 Retained Earnings 1,100,800 Treasury Stock (8,000 common shares) 64.000 During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 8.000 shares of common stock for $48,000. Mar. 20 Purchased 1,600 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 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Dec. 31 Determined that net income for the year was $450,000. Paid the dividend declared on December 1.Feb. 1 Cash 48000 Common Stock 320 0C Pald-In Capital In Excess of Stated Value-Common Stock 140OC Mar. 20 Treasury Stock 11200 Cash 11200 Oct 1 Cash Dividenda Dividends Payable 33600 Now. 1 Dividends Payable Cash 33400 Dec. 1 Cash Dividends 199200 Dividends Payable 199200 Dec 31 Income Summary 450000 Retained Earnings 4500 00 (To close Income Summary and transfer net income to Retained Earnings)Preferred Stock 1/1 Bal. 460000 12/31 Bal. 480000 Paid-in Capital in Excess of Par-Preferred Stock 1/1 Bal. 24000 12/31 Bal. 24000 Common Stock 1/1 Bal. 1600000 2/1 32000 12/31 Bal. 1632000 Paid-in Capital in Excess of Stated Value-Common Stock 1/1 Bal. 768000 2/1 16000 12/31 Bal. 784000