The stockholders’ equity section of Rudnicki Corp. contained the following balances as of December 31, 1996. Preferred stock (10%, $10 par value, cumulative) $1,000 Preferred stock (12%, $10 par value, noncumulative) 1,500 Common stock ($1 par value, 5,000 shares authorized, 3,500 issued and 400 held in treasury) 3,500 Additional paid-in capital: Preferred stock (10%) 1,050 Preferred stock (12%) 1,275 Common stock 2,345 Retained earnings 4,256 Less: Treasury stock 5,750 Total stockholders’ equity $9,176 During 1997, Rudnicki Corp. entered into the following transactions affecting stockhold¬ ers’ equity. 1. On May 13, the company repurchased 50 shares of its common stock in the open market at $20 per share. 632 Part 4 Liabilities and Stockholders’ Equity: A Closer Look 2. On September 26, the company issued 200 shares of its 10 percent preferred stock at $19 per share. 3. On October 19, the company reissued 30 shares of the stock held in treasury. They sold for $22 per share: all of the shares reissued were purchased prior to May 13 for $12 per share. 4. On December 2, the company declared a cash dividend of $750, which was paid on December