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E15.21 (LO 4) (EPS: Sirnple Capital Structure) At January l, 2025, Langley Company's outstanding shares included the following. 280,000 shares of $50 par value, 7% cumulative preferred stock 900,000 shares of $1 par value common stock Net income for 2025 was $2,530,000. No cash dividends were declared or paid during 2025. On February 15, 2026, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2025. On April l, 2025, 450,000 shares of common stock were sold for $10 per share, and on October l, 2025, 110,000 shares of common stock were purchased for $20 per share and held as treasury stock.