Part $1$

Carmel Company earned net income of $ $105$ comma $000$ during the year ended December $31,2024.$ On December $15,$ Carmel declared the annual cash dividend on its $2\%$ preferred stock$($par value, $ $100$ comma $000)$ and a $$$$0\mathrm{.}25$ per share cash dividend on its common stock left parenthesis $42$ comma $000$shares$).$ Carmel then paid the dividends on January $4,2025.$