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Homestead Oil Corporation was incorporated on January $1,2022,$ and issued the following stock for cash:

$800,000$ shares of no$-$par common stock were authorized; $150,000$ shares were issued on January $1,2022,$ at $$17\mathrm{.}00$ per share.

$230,000$ shares of $$100$ par value, $8\mathrm{.}50\%$ cumulative, preferred stock were authorized; $51,000$ shares were issued on January $1,2022,$ at $$130$ per share.

Net income for the years ended December $31,2022$ and $2023$ was $$1,290,000$ and $$2,490,000,$ respectively.

No dividends were declared or paid during $2022.$ However, on December $27,2023,$ the board of directors of Homestead declared dividends of $$1,690,000,$ payable on February $11,2024,$ to holders of record as of January $16,2024.$