ConAgra Foods reported the following information on its comparative balance sheet at May 25, 2008 (dollars in millions):

1. Explain what Additional paid-in capital and retained earnings each represent.
2. What is the approximate par value of ConAgra’s common stock?
3. How many new shares of common stock did the company issue during the fiscal year ended May 25, 2008?
4. What was the approximate (average) issue price of the stock issued during the year?
5. Did ConAgra earn a net income during the year?
6. If ConAgra paid dividends of $377.1 (million) total, what would you estimate net income for the year tobe?

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May 25, 2008 May 27, 2007 Common stock, par value Authorized: 1.2 billion shares Issued: 566,653,605 shares in 2008 $2,833.4 566,410,152 shares in 2007 Additional paid-in capital Retained earnings Accumulated other comprehensive income Treasury stock, at cost 82,282,300 and 76,631,063 shares, respectively $2,832.2 816.8 2,856.0 (5.9) 866.9 3,409.5 286.5 (2058.9) (1,916.2)