At June 30, 2011, Vision Specialty Company reported the following on its comparative balance sheets:

Requirements
1. What is the par value of the company’s common stock?
2. Did the company issue any new shares during the fiscal year ended June 30, 2011?
3. What was the approximate (average) issue price of the stock issued during the year ended June 30, 2011?
4. Did Vision Specialty Company earn net income (loss) during the year ended June 30, 2011?
Assuming no dividends were declared and paid, how much was net income(loss)?

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June 30, 2011 June 30, 2010 Common stock Authorized: 1,200 shares Issued: 1,000 shares at June 30, 2011 $20,000 800 shares at June 30, 2010 Paid-in capital in excess of par Retained earnings 22,000 40,000 16,000 29,500