On December 31, 2023, Dow Steel Corporation had 780,000 shares of common stock and 318,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $580,000 and $87,000 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, 5,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2024, was $3,000,000. The income tax rate is 25%. Also, as a part of a 2023 agreement for the acquisition of Merrill Cable Company, another 24,000 shares (already adjusted for the stock dividend)