During 2024, the following owners equity transactions took place:\ 1.On January 1, 2024, issued 50,000 shares of 8%, $5 par value preferred stock for $50 per share.\ 2.On March 1, 2024, declared and paid a 15% stock dividend on its outstanding shares of common stock. The market price of the common stock on March 1st was $25 per share.\ 3.On April 1, 2024, purchased 20,000 shares of its common stock for treasury purposes for $28 per share. The purchase is recorded using the cost method.\ 4.On September 1, 2024, reissued 8,000 shares of the treasury stock for $32 per share.\ 5.On December 31, 2024, the companys board of directors declared the 8% dividend on the preferred stock and a $0.20 per share dividend on outstanding shares of common stock. The dividend will be paid on February 1, 2025.\ Additionally, net income for 2024 was $300,000.