The stockholders' equity accounts of Flounder Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $48 par, 11,000 shares authorized) Common Stock ($1 stated value, 1,950,000 shares authorized) Paid-in Capital in Excess of Par-Preferred Stock $ 408,000 1,250,000 100,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,800,000 Treasury Stock (11,000 common shares) 55,000 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 $122,000. Apr. 14 Sold 6,000 shares of treasury stock-common for $33,900. Sept. 3 Issued 5,200 shares of common stock for a patent valued at $35,000. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,100. Dec. 31 Determined that net income for the year was $420,000. No dividends were declared during the year.