Common Stock, $$10$ Par Value$$2,500,000$Paid$-$In Capital in Excess of Par: Common$500,000$Paid$-$In Capital, Treasury Stock$4,000$Paid$-$In Capital, Stock OptionsRetained Earnings$44,0003,000,000$Treasury Stock $(15,000$ shares$)(180,000)$Total Stockholders' Equity$$5\mathrm{.}868,000$At the beginning of $2024,$ Taylor Corporation had the following stockholders' equity balances in its general ledger:The paid$-$in capital from stock options relates to options granted on $1/1/20$ to the CEO as incentive compensation. As of $1/1/24,$ the remaining expected benefit period is six years; expense has been and will be recorded evenly over the benefit period.The following events were among the many occurring in $2024$:a$.$ January $2$: Purchased $4,000$ shares of its common stock for $$18$ per share. Brown uses the cost method of accounting for treasury stock transactions.b$.$ February $1$: Declared and paid a cash dividend of $$3$ per share on the outstanding common stock. $($Hint: Don't forget to consider Treasury Stock existing on $1/1/24$ when computing outstanding shares.$)$c$.$ April $1$: Issued $18,000$ shares of $$40$ par, noncumulative, convertible $6\%$ preferred stock for $$60$ per share, where one share of preferred stock is convertible into two shares of common stock.d$.$ July $1$: $2,000$ shares of treasury stock that had been purchased in a prior year for $$11$ per share were re$-$issued for $$8$ per share.e$.$ August $1$: Holders of $4,000$ shares of the preferred stock converted their shares into common stock when the market value of the common stock was $$21$ per share. Brown uses the book value method of accounting for conversions.f$.$ October $1$: Declared and distributed a $1\%$ stock dividend on common stock outstanding when the market price of the stock was $$16$ per share.g$.$ November $1$: Corrected an error that was made several years ago, when land that had been purchased for $$40,000$ was inadvertently expensed.h$.$ December $1$: Declared and distributed a property dividend of land to preferred shareholders. The land had a fair value of $$45,000$ and a carrying value of $$44,000.$i$.$ December $31$: Recorded $2024$ compensation expense related to the stock options.