280,000 shares of $50 par value, 7% cumulative preferred stocks. 900,000 shares of...

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Accounting

280,000 shares of $50 par value, 7% cumulative preferred stocks.
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 1,2025,450,000 shares of common stock were sold for $10 per share, and on October 1,2025,110,000 shares of common stock were purchased for $20 per share and held as treasury stock.
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