Below is the equity portion in millions of the year end balance sheet that Glenn Technology has reported for the last two years:

2002 2001

Preferred Stock $80 $80

Common Stock $2,000 $1,000

Retained Earnings $2,000 $2,340

Total Equity $4,080 $3,420

Glenn does not pay a dividend to its common stockholders. Which of the following statements is most correct?

a. Glenn issued preferred stock in both 2001 and 2002.

b. Glenn issued common stock in 2002.

c. Glenn had positive net income in both 2001 and 2002, but the company's net income in 2002 was lower than it was in 2001.

d. Statements b and c are correct.

e. None of the statements above is correct.