Information for Shuck and Jive (2024): 1. The January 1, 2024, retained earnings balance was $800,000. 2. On January1, 2024 Shuck and Jive has 4000 shares of $2 par value common stock outstanding. The preferred stock was originally issued at par value. The common stock was originally issued at $10 a share. Thus, as of January 1, 2024, in addition to the beginning balances in the common stock and preferred stock accounts, a $160,000 balance existed in the additional paid in capital account. The additional paid in capital account, stock options, had a balance of $10,000 on January 1, 2024. The total 1/1/24 additional paid in capital accounts is $170,000 ($160,000 +$10,000). 3. The convertible preferred stock is convertible into 10,000 shares of common stock. 4. Shuck and Jive declared and paid a $10,000 cash dividend in March of 2024 on its convertible preferred stock. 5. Shuck and Jive's 2024 Net Income is $810,000. 6. Shuck and Jive hired the law firm of Dewey, Cheatem, and How to perform services during 2024. In payment for these legal services, Shuck and Jive issued 1,200 shares of $2 par value common stock on May 1 of 2024. The fair value of the legal services is determined to be $96,000 and this amount is the fair value of the stock issued on the issue date. 7. On December 31 of 2024, Shuck and Jive employees exercised 1,000 stock options. Each option allows an employee to purchase 1 share of $2 par value common stock at the exercise price of $50 per share. These options were issued in 2019 at which time the fair value of each option was determined to be $10. [The service period/vesting period for these stock options was two years.] As noted above, the additional paid in capital account, stock options, had a balance of $10,000 on January 1, 2024. The average market value of Shuck and Jive's stock was $80 during 2024. The ending market value of Shuck and Jive stock was $90.