Sheridan has a 35% income tax rate. During the following fiscal year ended December 31,2024 , the company had the following transactions and events: Feb. 1 Repurchased 10,000 common shares for $40,000. July 12 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. Dec. 1 Declared the annual cash dividend (\$1.50 post-split) to the preferred shareholders of record on January 10,2025 , payable on January 31, 2025. Dec. 18 Declared a 10% stock dividend to common shareholders of record at December 20 , distributable on January 12 , 2025. The fair value of the common shares was $10 per share. Dec. 31 Determined that for 2024 , profit before income tax was $320,000 and other comprehensive income, net of income tax expense of $41,300, was $76,700. Pn