The following information pertains to M-Corp, which began operations on January 1, 20X6.
(Remember, since this is the company's first year of operations, the balance in Retained earnings at 1/1/X6 is 0.)
| Balance as of |
December 31, 20X6 |
December 31, 20X7 |
| Assets |
$1,200 |
$2,600 |
| Liabilities |
550 |
1,500 |
| Common stock |
?? |
?? |
| Retained earnings |
250 |
?? |
|
|
|
| For the year |
20X6 |
20X7 |
| Revenues |
$500 |
$2,650 |
| Expenses |
150 |
1,350 |
| Dividends |
?? |
950 |
1. What is the amount of the company's common stock as of December 31, 20X6?
2. Refer to the information above for M-Corp. How much did the company pay in dividends during 20X6?
3. Refer to the information above for M-Corp. How much stock was issued during 20X7?