The following account balances relate to the stockholders' equity accounts of Gore Corp. at year-end.
| 2008 |
2007 |
| Common stock, 10,500 and 10,000shares, |
| respectively, for 2008 and 2007 |
$160,000 |
$140,000 |
| Preferred stock, 5,000 shares |
125,000 |
125,000 |
| Retained earnings |
300,000 |
260,000 |
A small stock dividend was declared and issued in 2008. The market value of the shares was $10,500. Cash dividends were $15,000 in both 2008 and 2007. The common stock has no par or stated value.
What was the amount of net income reported by Gore Corp. in2008?
Determine the amounts of any cash inflows or outflows related to the common stock and dividend accounts in 2008.
Cash inflow from the issue of stock was?
Cash outflow for dividends was?