$2$

When Crossett Corporation was organized in January Year $1,$ it immediately issued $4,000$ shares of $$50$ par, $6$ percent, cumulative preferred stock and $50,000$ shares of $$20$ par common stock.

$3$ Its earnings history is as follows: Year $1,$ net loss of $$35,000$; Year $2,$ net income of $$125,000$; Year $3,$ net income of $$215,000.$ The corporation did not pay a dividend in Year $1.$

$\backslash$table$[[4,000,$$$50,6\%,50,000,$$$20$