The stockholders' equity accounts of Monty Corp. on January 1, 2022, were as follows. Preferred Stock {7%, $100 par noncumulative, 11,500 shares authorized} $690,000 Common Stock {$4 stated value, 690,000 shares authorized} 2,300,000 Pa id-in Capital in Excess of Far Value Preferred Stock 34,500 Pa id-in Capital in Excess of Stated Value Common Stock 1,104,000 Retained Earnings 1,582,400 Treasury Stock I: 11,500 common shares] 92,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders\" equity. Feb. 1 Issued 11,500 shares of common stock for $69,000. Mar. 20 Purchased 2,300 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 Dec. 3 1 Determined that net income for the year was $644,000. Paid the dividend declared on December 1.