Below are the 2014 and 2015 year-end balance sheets for Tran Enterprises: Assets: 2015 2014 Cash $ 200,000 $ 170,000 Accounts receivable 864,000 700,000 Inventories 2,000,000 1,400,000 Total current assets $3,064,000 $2,270,000 Net fixed assets 6,000,000 5,600,000 $9,064,000 $7,870,000 Total assets Liabilities and equity: Accounts payable $1,400,000 $1,090,000 Notes payable to bank 1.600,000 1,800,000 Total current liabilities $3,000,000 $2.890,000 Long-term debt 2,400,000 2,400,000 Common stock 3,000,000 2,000,000 Retained earnings 664,000 580,000 Total common equity $3,664,000 $2,580,000 Total liabilities and equity $9.064,000 $7,870,000 The firm has never paid a dividend on its common stock, and it issued $2,400,000 of 10-year, non-callable, long-term debt in 2014. As of the end of 2015, none of the principal on this debt had been repaid. Assume that the company's sales in 2014 and 2015 were the same. Which of the following statements must be CORRECT? Select one: a. The firm increased its short-term bank debt in 2015. b. The firm repurchased some common stock in 2015. c. The firm had negative net income in 2015. d. The firm issued long-term debt in 2015. e. The firm issued new common stock in 2015