At January 1, 2024, M. E. Gainor Corporation had outstanding the following securities: 600 million common shares 20 million 6% cumulative preferred shares, $50 par 6.4% convertible bonds, $2,000 million face amount, convertible into 80 million common shares The following additional information is available: On September 1, 2024, M. E. Gainor sold 72 million additional shares of common stock. Incentive stock options to purchase 60 million shares of common stock after July 1, 2023, at $12 per share, were outstanding at the beginning and end of 2024. The average market price of Gainor's common stock was $18 per share during 2024. Gainor's net income for the year ended December 31, 2024, was $1,476 million. The effective income tax rate was 25%.