Problem-
The stockholders' equity accounts of Miley Corporation on January 1, 2014, were as follows.
| Preferred Stock (7%, $100 par noncumulative, 4,500 shares authorized) |
$270,000 |
| Common Stock ($5 stated value, 295,900 shares authorized) |
1,183,600 |
| Paid-in Capital in Excess of Par Value-Preferred Stock |
10,800 |
| Paid-in Capital in Excess of Stated Value-Common Stock |
473,440 |
| Retained Earnings |
682,800 |
| Treasury Stock-(4,500 common shares) |
36,000 |
During 2014, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1 Issued 4,900 shares of common stock for $34,300.
Mar. 20 Purchased 1,180 additional shares of common treasury stock at $8 per share.
Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1.
Nov. 1 Paid the dividend declared on October 1.
Dec. 1 Declared a $0.60 per share cash dividend to common stockholders of record on December 15, payable December 31, 2014.
Dec. 31 Determined that net income for the year was $275,600. Paid the dividend declared on December 1.