On December $31,2023,$ Chi Chow Company had outstanding $420,000$ shares of common

stock and $42,000$ shares of $8\%$ cumulative preferred stock $($par $$10).$February $28,2024,$ issued an additional $38,000$ shares of common stockSeptember $1\mathrm{.}2024,9\mathrm{.}200$ shares were retired..A $12\%$ stock dividend was declared and distributed on July $1,2024.$ At year$-$end, there were fully vested incentive stock options outstanding for $32\mathrm{.}000$shares of common stock $($adjusted for the stock dividend$).$ The exercise price was$$16.$ The market price of the common stock averaged $$20$ during the year. Alsooutstanding were $$1,000,000$ face amount of $10\%$ convertible bonds issued in $2021$and convertible into $52,000$ common shares $($adjusted for the stock dividend$).$ Netincome was $$920,000.$ The tax rate for the year was $25\%.$