The stockholders' equity accounts of Sarasota Corp. on January 1, 2022, were as follows. Preferred Stock (7%, $100 par noncumulative, 3,000 shares authorized) $180,000 Common Stock ($4 stated value, 180,000 shares authorized) 600,000 Paid-in Capital in Excess of Par Value-Preferred Stock 9,000 Paid-in Capital in Excess of Stated Value-Common Stock 288,000 Retained Earnings 412,800 Treasury Stock (3,000 common shares) 24,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 3,000 shares of common stock for $18,000. Mar. 20 Purchased 600 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. 31 Determined that net income for the year was $170,000. Paid the dividend declared on December 1. Date Account Titles and Explanation Debit Credit Feb. 14 Cash 18000 Common Stock 12000 Paid-in Capital in Excess of Stated Value-Common Stock 6000 Mar. 20 Mar.20 Treasury Stock Treasury Stock 4200 Cash 4200 Oct. 1 Cash Dividends 12600 Dividends Payable 12600 12600 Nov. 1 Dividends Payable 12600 Cash 12600 Dec. 1 4 Cash Dividends 74700 Dividends Payable 74700 Dec. 31 Income Summary 170000 Dec. 31 ^ Retained Earnings 87300 Cash Dividends 87300 (To close cash dividends) Dec. 31 Dividends Payable 74700 Cash 74700 (To record payment of cash dividends payable) Enter the beginning balances in the accounts and post the journal entries to the stockholders' equity accounts.(Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Preferred Stock Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Cash Dividends 10/1 12600 12/31 87300 12/1 74700 12/31 Bal. $ 12/31 B: 0 Treasury Stock 1/1 Bal. 1/1 B 24000 || | 3/20 4200 12/31 Bal. 28200