You are given the following information for Company ABC as of December 31, 2016:

Capital Stock, $1,000,000 ($1 par)

Paid-In Capital in Excess of Par ValueCommon, $4,000,000

Retained Earnings Balance on January 1, 2016, $400,000

Retained Earnings Balance on December 31, 2016, $300,000

Dividends declared and paid in 2016: $1,100,000

What was the company's net income for 2016?

Select one:

a. $1,200,000

b. $100,000

c. $0

d. None of the above

How many shares of stock are issued and outstanding?

Select one:

a. 4,000,000

b. 5,000,000

c. 1,000,000

d. None of the above