At the beginning of 2024, Taylor Corporation had the following stockholders' equity balances in its general ledger: Common Stock, $10 Par Value Paid-In Capital in Excess of Par: Common Paid-In Capital, Treasury Stock Paid-In Capital, Stock Options Retained Earnings Treasury Stock (15,000 shares) $2,500,000 500,000 2,000 46,000 3,000,000 (180,000) Total Stockholders' Equity $5,868,000 The paid-in capital from stock options relates to options granted on 1/1/20 to the CEO as incentive compensation. As of 1/1/24, the remaining expected benefit period is six years; expense has been and will be recorded evenly over the benefit period. The following events were among the many occurring in 2024: a. January 2: Purchased 5,000 shares of its common stock for $18 per share. Brown uses the cost method of accounting for treasury stock transactions. b. February 1: Declared and paid a cash dividend of $3 per share on the outstanding common stock. (Hint: Don't forget to consider Treasury Stock existing on 1/1/24 when computing outstanding shares.) c. April 1: Issued 18,000 shares of $50 par, noncumulative, convertible 6% preferred stock for $60 per share, where one share of preferred stock is convertible into two shares of common stock. d. July 1: 2,000 shares of treasury stock that had been purchased in a prior year for $11 per share were re-issued for $6 per share. e. August 1: Holders of 4,000 shares of the preferred stock converted their shares into common stock when the market value of the common stock was $21 per share. Brown uses the book value method of accounting for conversions. f. October 1: Declared and distributed a 1% stock dividend on common stock outstanding when the market price of the stock was $20 per share. g. November 1: Corrected an error that was made several years ago, when land that had been purchased for $60,000 was inadvertently expensed. (See additional information on next page)