$280,000$ shares of $$50$ par value, $7\%$ cumulative preferred stocks.

$900,000$ shares of $$1$ par value common stock

Net income for $2025$ was $$2,530,000.$ No cash dividends were declared or paid during $2025.$ On February $15,2026,$ however, all preferred dividends in arrears were paid, together with a $5\%$ stock dividend on common shares. There were no dividends in arrears prior to $2025.$

On April $1,2025,450,000$ shares of common stock were sold for $$10$ per share, and on October $1,2025,110,000$ shares of common stock were purchased for $$20$ per share and held as treasury stock.