The stockholders' equity section of Porter Corporation's balance sheet as of December 31, 2018 is as follows: 8% Cumulative, Participative, Convertible Preferred Stocks, $75 par value: authorized 500,000 shares; issued, 100,000 shares Common stock, $12 stated value; authorized, 4,000,000 shares; issued, 400,000 shares Paid-in capital in excess of par value- preferred stocks Paid-in capital in excess of stated value-common stocks Retained Earnings $7,500,000 4,800,000 2,000,000 2,400,000 9,000,000 he following events occurred during 2018: Jan. 5 Jan. 15 35,000 shares of authorized and unissued common stock were issued for $18 per share Declared a cash dividend of $2,500,000, payable February 20 to stockholders on record on February 5. No dividends have been declared since December 31, 2016 12,000 shares of authorized and unissued common stock were issued for $15 per share A 30% stock dividend was declared on common stocks. Market value per share is currently $25 The 30% stock dividend on common stocks declared on March 1 was issued. Market value per share is currently $22 A 3:1 stock split was carried out on the common stocks. Market value on March 31 was $20 per share. A 15% stock dividend was declared and issued on common stocks. Market value is currently $16 per share 20,000 shares of authorized and unissued preferred stocks were issued for $95 per Feb. 10 March 1 March 20 April 1 Aug. 10 share Sept. 15 Reacquired 17,000 shares of common stocks at $20 per share. The company uses the cost method Nov. 20 Reissued 8,000 shares of treasury stocks at $24 per share. Dec. 1 9,000 preferred stocks were converted. Five common stocks were issued for each preferred stock converted. Dec. 31 Net Income for the year was $2,330,000 B. Enter the events into the following worksheet showing how each event affects the amounts in each column. Use a + sign to indicate increase and a - sign to indicate decrease. Common Stocks Date Preferred Stocks Common Treasury Paid-in Paid-in Paid-in Retained No. of Total Statedo. ofTotal Par Stocks Stocks capital in capital in captal Earnings Dividend shares Value issued shares Value issued excess of excess of from stated value par value-treasury -common preferred stocks Distributable Beg Bal 400,000$4,800,000 100.000 $7,500,000 $2.400,000 $2,000,000 $9,000,000 Jan.5 Jan. 15 Feb. 5 Feb 10 Feb. 20 March 20 15 Nov. 20 Dec 1 End. Bal C. How many common stocks are outstanding at December 31, 2018