On January 1, 2011 TESLA, had 150,000 shares, On April 1, 2011 TESLA sold 47000 shares, on July 1,2011 TESLA makes a 2:1 stock split on Dec 1, 2011 TESLA distribute 0.13 stock dividend, Net income for 2011 was $2150000. The tax rate was 0.39. In addition, TESLA had the following equity securities on its books on December 31, 2011: a. 25,000 shares of $100 par, 0.14 cumulative preferred stock b. 40,000 shares of $100 par, 0.11 cumulative preferred stock, par $100, Each share of preferred stock is convertible into 8 shares of common stock. On January 1, 2011 TESLA, had 150,000 shares, On April 1, 2011 TESLA sold 47000 shares, on July 1,2011 TESLA makes a 2:1 stock split on Dec 1, 2011 TESLA distribute 0.13 stock dividend, Net income for 2011 was $2150000. The tax rate was 0.39. In addition, TESLA had the following equity securities on its books on December 31, 2011: a. 25,000 shares of $100 par, 0.14 cumulative preferred stock b. 40,000 shares of $100 par, 0.11 cumulative preferred stock, par $100, Each share of preferred stock is convertible into 8 shares of common stock