The stockholders' equity accounts of Monty Corp. on January 1, 2025, 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 Paid-in Capital in Excess of Par-Preferred Stock 34.500 Paid-in Capital in Excess of Stated Value-Common Stock 1,104,000 Retained Earnings 1,582,400 Treasury Stock (11,500 common shares) 92.000 During 2025, 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 Dec. 1 Dec. 31 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2 Determined that net income for the year was $645,000. Paid the dividend declared on December 1.