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The stockholders' equity accounts of Martinez Corporation on January 1,2022, were as follows. ...

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Accounting

The stockholders' equity accounts of Martinez Corporation on January 1,2022, were as follows.
Preferred Stock (8%,$52 par, 10,000 shares authorized)
$416,000
Common Stock ($1 stated value, 2,100,000 shares authorized)
1,450,000
Paid-in Capital in Excess of Par-Preferred Stock
110,000
Paid-in Capital in Excess of Stated Value-Common Stock
1,400,000
Retained Earnings
1,850,000
Treasury Stock (11,000 common shares)
55,000
During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity.
Feb. 1- Issued 26,000 shares of common stock for $116,000.
Apr. 14 Sold 5,500 shares of treasury stock-common for $33,900.
Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,100.
Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.
Dec. 31 Determined that net income for the year was $465,000.
No dividends were declared during the year.
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