Analyze equity section of balance sheet. (LO 1, 2, 5)

At June 30, 2007, High Quality Mining Company reported the following on its comparative balance sheet, which included 2006 amounts for comparison (amounts in millions).

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a. What is the par value of the company's common stock?

b. Did the company issue any new shares during the fiscal year ended June 30, 2007?

c. What was the approximate (average) issue price of the stock issued during the year?

d. Did High Quality Mining Company earn net income (loss) during the year? Assuming no dividends were paid this year, what was net income (loss)?

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Common stock Authorized: 2,500 shares Issued: 1,450 shares in 2007 1,400 shares in 2006 Paid-in capital in excess of par Retained earnings June 30 2007 2006 $ 14,500 $ 14,000 4,350 15,500 2,890 14,300