On December $31,2023,$ Dow Steel Corporation had $770,00$u snares of common stock and $317,000$ shares of $9\%,$ noncumulative, nonconvertible preferred stock issued and outstanding.

Dow issued a $5\%$ common stock dividend on May $15$ and paid cash dividends of $$570,000$ and $$86,000$ to common and preferred shareholders, respectively, on December $15,2024.$

On February $28,2024,$ Dow sold $68,000$ 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 $$2,950,000.$ The income tax rate is $25\%.$

As part of an incentive compensation plan, Dow granted incentive stock options to division managers on December $31$ of the current and each of the previous two years.

Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date.

Information concerning the number of options granted and common share prices follows:

$\backslash$table$[[,\backslash$table$[[$Options Granted$],[($adjusted for the$],[$stock dividend$)]],$Share Price$],[$Date Granted,$24,000,$$$40$