Homestead Oil Corporation was incorporated on January 1, 2022, and issued the following stock for cash: 770,000 shares of no-par common stock were authorized; 140,000 shares were issued on January 1, 2022, at $20.00 per share. 200,000 shares of $110 par value, 8.50% cumulative, preferred stock were authorized; 57,000 shares were issued on January 1, 2022, at $150 per share. Net income for the years ended December 31, 2022 and 2023 was $1,310,000 and $2,570,000, respectively. No dividends were