On December $31,2023,$ Dow Steel Corporation had $760,000$ shares of common stock and $46,000$ shares of $8\%,$

noncumulative, nonconvertible preferred stock issued and outstanding.

Dow issued a $4\%$ common stock dividend on May $15$ and paid cash dividends of $$560,000$ and $$85,000$ to common

and preferred shareholders, respectively, on December $15,2024.$

On February $28,2024,$ Dow sold $63,000$ common shares.

In keeping with its long$-$term share repurchase plan, $4,000$ shares were retired on July $1.$

Dow's net income for the year ended December $31,2024,$ was $$2,900,000.$ The income tax rate is $25\%.$