Cox Corporation had 1,200,000 shares of common stock outstanding on January 1 and December 31, 2010. In connection with the acquisition of a subsidiary company in June 2009, Cox is required to issue 50,000 additional shares of its common stock on July 1, 2011, to the former owners of the subsidiary. Cox paid $200,000 in preferred stock dividends in 2010, and reported net income of $3,400,000 for the year. Cox