Min Co. stockholder

Min Co. is a publicly held company whose shares are traded in the over-the-counter market. The stockholders’ equity accounts at December 31, 2006 had the following balances:
Preferred stock, $100 par value, 6% cumulative; 5,000 shares authorized; 2,000 issued and outstanding ………………………………………………..… $ 200,000
Common stock, $1 par value, 150,000 shares authorized;
100,000 issued and outstanding ……………………………. 100,000
Additional paid-in capital ……………………………………… 800,000
Retained earnings ……………………………………………. 1,586,000
Total Stockholders’ Equity …………………………………. $2,686,000
Transactions during 2007 and other