The stockholders' equity section of Tkachuk Corporation appears below as of December 31, 2014. 8% preferred stock, $50 par value, authorized 101,688 shares, outstanding 91,688 shares $4,584,400 Common stock, $1.00 par, authorized and issued 10.82 million shares 10,820,000 Additional paid-in capital 20,817,000 Retained earnings $134,790,000 Net income 37,884,000 172,674,000 $208,895,400 Net income for 2014 reflects a total effective tax rate of 34%. Included in the net income figure is a loss of $12,436,000 (before tax) as a result of a major casualty, which should be classified as an extraordinary item. Preferred stock dividends of $366,752 were declared and paid in 2014. Dividends of $1,370,000 were declared and paid to common stockholders in 2014.