On January 1, 2003, Abbott Corporation was granted a charter authorizing the following capital stock: common stock, $20 par, 100,000 shares; preferred stock, $10 par, 6%, 30,000 shares. Record the following 2003 transactions: Issued 80,000 shares of common stock at $30 per share. Issued 14,000 shares of preferred stock at $12 per share. Bought back 5,000 shares of common stock at $40 per share. Reissued 500 shares of treasury stock at $25 per share. Declared cash dividends of $38,600 to be allocated between common and preferred stockholders. (The preferred stock, which has a current-dividend preference, is noncumulative.)

f. Paid dividends of $38,600.