The stockholders' equity accounts of Sheridan Company on January 1, 2022, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,500 shares authorized) $425,000 Common Stock ($1 stated value, 1.950,000 shares authorized) 1,050,000 Paid-in Capital in Excess of Par-Preferred Stock 140,000 Paid-in Capital in Excess of Stated Value-Common Stock 1,400,000 Retained Earnings 1,800,000 Treasury Stock (10,500 common shares) 42,000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 26,000 shares of common stock for $118,000. Apr. 14 Sold 5,800 shares of treasury stock-common for $34,000. Sept. 3 Issued 5,100 shares of common stock for a patent valued at $35,400. Nov. 10 Purchased 1,100 shares of common stock for the treasury at a cost of $6,200. Dec. 31 Determined that net income for the year was $425,000. No dividends were declared during the year.