On January $1,2024$ Jaewoo Industries had outstanding $520,000$ common shares $($$$1$ par$)$ that originally sold for $$25$ per share, and $8,000$ shares of $10\%$ cumulative preferred stock $($$$100$ par$),$ convertible into $80,000$ common shares.

On October $1,2024,$ Jaewoo sold and issued an additional $16,000$ shares of common stock at $$41.$At December $31,2024,$ there were $24,000$ incentive stock options outstanding, issued in $2023,$ and exercisable after one year for $24,000$ shares of common stock at an exercise price of $$38.$The market price of the common stock at year$-$end was $$56.$During the year, the price of the common shares had averaged $$48.$Net income was $$660,000.$ The tax rate for the year was $25\%.$