The stockholders' equity accounts of Indigo Corporation on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 4,000 shares authorized) $240,000 Common Stock ($5 stated value, 326,000 shares authorized) 1, 358, 333 Paid-in Capital in Excess of Par Value-Preferred Stock 12,000 Paid-in capital in Excess of Stated value-Common stock 521, 600 Retained Earnings 711,000 Treasury Stock (4,000 common shares) 32,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 4, 620 shares of common stock for $32, 340. Mar. 20 Purchased 1, 550 additional shares of common treasury stock at $9 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 $0.80 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $279,000. Paid the dividend declared on December 1