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Below is the common equity section (in millions) of Glenn Technology’s last two year-end balance sheets:2005 2004Common stock 2,000 1,000Retained earnings 2,000 2,340Total common equity $4,080 $3,420Glenn has never paid a dividend to its common stockholders. Which of the following statements is CORRECT?a. The market price of Glenn’s stock doubled in 2005.b. The company has more equity than debt on its balance sheet.c. Glenn had positive net income in both 2004 and 2005, but the company’s net income in 2005 was lower than it was in 2004.d. The company’s net income in 2005 was higher than in 2004.e. Glenn issued common stock in 2005.
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