The stockholders' equity accounts of Sunland Company on January 1, 2022, were as follows. Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) $420,000 Common Stock ($10 stated value, 800,000 shares authorized) 1,580,000 Paid-in Capital in Excess of Par Value-Preferred Stock 53,000 Paid-in Capital in Excess of Stated Value-Common Stock 940,000 Retained Earnings 790,000 Treasury Stock (8,700 common shares) 69,600 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar 1 Issued 6,800 shares of common stock for $90 per share. June 22 Purchased 1,100 additional shares of common treasury stock at $11 per share. Sept. 1 Oct. 1 Dec. 1 Declared a 10% cash dividend on preferred stock, payable October 1. Paid the dividend declared on September 1. Declared a $0.70 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022. 31 Determined that net income for the year was $117,000. Paid the dividend declared on December 1.