On December 31, 2017, shareholders' equity accounts of Green Products Inc. (GPI) had the balances shown below. GPI paid dividends of $4,096 on December 1, 2017.
__________________________________________ 2017 __________ 2016
Common shares.......................................................... $ 82,968 ...... $ 64,968
Retained earnings........................................................ 80,435 .......... 78,881
Total shareholders' equity............................................ $163,403 ... $143,849
1. GPI sold 10,000 common shares on June 30, 2017. What was the average selling price of these shares if this was the only common-shares transaction during 2017?
2. Journalize GPI's sale of the common shares on June 30, 2017.
3. Based only on the above information, did GPI earn a profit or suffer a loss during 2017? Calculate the profit or loss.