10,000 treasury shares on October 1, at $55 per share. Net income for 2021 was 60,000 shares of 8%, $50 par, cumulative preferred stock outstanding. On April 1, Phil On January 1, 2021, Phil Company had 200,000 shares of common stock outstanding and purchased 30,000 shares of common stock as treasury stock for $50 per share. It sold $7,200,000. 6 million dollars of 6% bonds were issued at face value on January 1, 2021. Those bonds are convertible into common stock, in a ratio of 3:1. None of them had been the right to buy 40,000 common shares at $25. During 2021, the average market price of converted by December 31. Also outstanding in 2021 were stock options giving executives the common shares was $30 with a closing price of $32 on December 31. The company's ax rate is 30%. No executives exercised their stock options, as of December 31.