This is Whipple's Shareholder equity section on the balance sheet at the end of the most recent year. All accounts have normal balances.

Common Stock, $6 par value ...100,000 shares authorized ...20,000 shares issued ...16,000 shares outstanding	$120,000
Paid in capital in excess of par, Common Stock	$540,000
Preferred Stock, $1,000 par value, noncumulative ...10,000 shares authorized ...200 shares issued ...200 shares outstanding	$200,000
Retained earnings	$243,000
Treasury stock	$96,000

Which of the following statements must be true?

	a.	the fair market value of Whipple's common stock at the balance sheet date is $660,000
	b.	Whipple's total shareholders equity at the balance sheet date is $1,199,000
	c.	Whipple has never paid a dividend.
	d.	there is preferred stock in the treasury
	e.	Whipple has reported accumulated net income since inception of at least $243,000.