Early 2014, H industries was forms with authorization to issue 250,000 share of $10 par value common stock and 30,000 shares of $100 par value cumulative preferred stock. During 2014, all preferred stock was issued at par, and 120,000 shares of common stock were sold for $16 per share. The preferred stock is entitled to a dividends equal to 10 percent of its par value before any dividends are paid on the common stock.
During the first five years of business (2014 through 2018), the company earned income totaling$3,700,00 and paid dividends of 50 cents per share each year on the common stock outstanding.
On January 2,2016, the company purchased 20,000 shares of its own common stock in the open market for $400,00. On January 2, 2018, it reissued 10,000 shares of this thesauri stock for $250,000. The remaining 10,000 were still held in treasury at December 31,2018.
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