shares were issued and $14$ million shares were outstanding.

The stockholders' equity accounts at January $1$ had the following beginning balances $($$ millions$).$

During the year, Haywood had the following transactions.

On February $15,$ issued at $$110$ per share, $100,000$ shares of $$100$ par value, $8\%$ cumulative preferred stock.

On March $1,$ reacquired $20,000$ shares of its common stock for $$18\mathrm{.}50$ per share for the treasury.

On March $31,$ declared a semi$-$annual cash dividend on common stock of $10$ cents per share, payable on April $30$ to stockholders of record on April $10.$

On May $31,$ when the market price of the common stock was $$20$ per share, declared a $5\%$ stock dividend distributable on July $1$ to stockholders of record on June $1.$

share.

October $10.$

Net income for the year was $25\mathrm{.}0$ million.