In its initial public offering during 2016, Fibre Optic Inc. issued 700,000 common shares for $6.00 per share. Over the next year, Fibre Optic's share price increased and the company issued 400,000 more shares at an avenage price of \$8.00. During the five years from 2017 through 2021, Fibre Optic Inc, earned net income of $2,860,000 and declared and paid cash dividends of $360,000. A 5% stock dividend was distributed to the shareholders in 2021 on the shares outstanding. The market price was $12.00 per share when the stock dividend was distributed