Hardaway Fixtures' balance sheet at December 31, 2023, included the following: Shares issued and outstanding: Common stock, $1 par $ 1,160,000 Nonconvertible preferred stock, $50 par 20,000 On July 21, 2024, Hardaway issued a 25% stock dividend on its common stock. On December 12, it paid $95,000 cash dividends on the preferred stock. Net income for the year ended December 31, 2024, was $5,600,000.