On December 31, 2023, Chi Chow Company had outstanding 490,000 shares of common stock and 49,000 shares of 6% cumulative preferred stock (par $10). February 28, 2024, issued an additional 45,000 shares of common stock September 1, 2024, 9,900 shares were retired. A 10% stock dividend was declared and distributed on July 1, 2024. At year-end, there were fully vested incentive stock options outstanding for 39,000 shares of common stock (adjusted for the stock dividend). The exercise price was $15. The market price of the common stock averaged $18 during the year. Also outstanding were $1,000,000 face amount of 10% convertible bonds issued in 2021 and convertible into 59,000 common shares (adjusted for the stock dividend). Net income was $990,000. The tax rate for the year was 25%.