2. Having not paid any dividends for the previous three years, Humbolt Hardware Corporation's board declared a $176,700 cash dividend at the year-end December 31,2023 . Cumulative preferred shares are entitled to a $6 dividend, and there are 5,900 shares issued and outstanding. The company had 4,900 common shares outstanding at the start of 2023. On March 1, the company retired 4,000 common shares. On May 1, they sold an additional 6,000 shares., and on October 1 , the company's board declared a 4 -for- 1 stock split. Assume the company has sufficient Retained Earnings to pay out all dividends. Humbolt Hardware Corporation has net income for the year of $262,500