Common stock ($10 par value); no changes in account during the year. Shares authorized: 330,000. Shares issued: (all shares were issued at $15 per share; $2,190,000 total cash collected). Treasury stock: 4,000 shares (repurchased at $20 per share). The treasury stock was acquired after a stock split was announced. Net income: $286,840. Dividends declared and paid: $161,880. Retained earnings beginning balance: $685,000.