The stockholders' equity accounts of Marigold Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $52 par, 11,000 shares authorized) $416,000 Common Stock ($1 stated value, 1,900,000 shares authorized) 1,300,000 Paid-in Capital in Excess of Par-Preferred Stock 120,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000 Retained Earnings 1,800,000 Treasury Stock (10,500 common shares) 52,500 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 25,500 shares of common stock for $118,000. Apr. 14 Sold 5,800 shares of treasury stock-common for $33,000. Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,100. Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,800. Dec. 31 Determined that net income for the year was $485,000. No dividends were declared during the year.