Below is the common equity section (in millions) of Timeless Technologys last two year-end balance sheets:

2008 2007

Common stock $2,500 $1,000

Retained earnings 2,000 2,340

Total common equity $4,500 $3,340

The firm has never paid a dividend to its common stockholders. Which of the following statements is CORRECT?

a. The companys net income in 2008 was higher than in 2007.

b. The firm issued common stock in 2008.

c. The market price of the firm's stock doubled in 2008.

d. The firm had positive net income in both 2007 and 2008, but its net income in 2008 was lower than it