Changes in stockholders’ equity Listed are the equity sections of balance sheets for years 2014 and 2015 as reported by Golden Mine, Inc. The overall value of stockholders’ equity has risen from $2,370,000 to $9,080,000. Use the statements to discover how and why that happened.

The company paid total dividends of $240,000 during fiscal 2015.
a. What was Golden Mine’s net income for fiscal 2015?
b. How many new shares did the corporation issue and sell during 2015?
c. What was the average price per share of the new stock sold during 2015?
d. At what average price per share did Golden Mine’s original 600,000 shares sell?

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Golden Mine, Inc. Balance Sheets (partial) Stockholders' equity Common stock ($1.00 par) Authorized: 5,000,000 shares Outstanding: 1,200,000 shares 2015 600,000 shares 2014 Paid-in capital in excess of par Retained earnings Total stockholders' equity 2014 $ 600,000 2015 $1,200,000 250,000 5,500,000 1,520,000 2,380,000 $2,370,000 $9,080,000