The stockholders' equity accounts ofWhispering Winds Corp.on January 1, 2022, were as follows.

Preferred Stock (7%, $100par noncumulative,6,000shares authorized)$360,000Common Stock ($4stated value,360,000shares authorized)1,200,000Paid-in Capital in Excess of Par ValuePreferred Stock18,000Paid-in Capital in Excess of Stated ValueCommon Stock576,000Retained Earnings825,600Treasury Stock (6,000common shares)48,000

During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb.1Issued6,000shares of common stock for $36,000.Mar.20Purchased1,200additional shares of common treasury stock at $7per share.Oct.1Declared a7% cash dividend on preferred stock, payable November 1.Nov.1Paid the dividend declared on October 1.Dec.1Declared a $0.50per share cash dividend to common stockholders of record on December 15, payable December 31, 2022.Dec.31Determined that net income for the year was $335,000. Paid the dividend declared on December 1.