Grace Corp. had $100,000$ common shares outstanding as of January $1,$ and declared a $1-$for$-2$ reverse stock split on March $31.$ In addition, the company bought $5,000$ shares for the treasury on August $31,$ and $2,000$ shares of stock were issued on November $1$ in exchange for legal services. The company also had $1,000$ shares of $5\%,$ $$10$ par, cumulative, nonconvertible preferred stock outstanding for the year. No common or preferred stock dividends were declared during the year. The company suffered a net loss for the year of $$100,000.$