The stockholders' equity accounts of Flounder Corp. on January 1, 2017, were as follows. Preferred Stock (7 % . $100 par noncumulative, 4.500 shares authorized) Common Stock ($5 stated value, 315,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock $270,000 1,312,499 Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (4,500 common shares) 13,500 504,000 693,000 36,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Mar 20 Oct. 1 Nov. 1 Dec 1 Dec. 31 Issued 5,310 shares of common stock for $31,860. Purchased 2,000 additional shares of common treasury stock at $8 per share. Declared a 7% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable Decembe 31, 2017. Determined that net income for the year was $285,000. Paid the dividend declared on December 1.