Assets: $20202019$

Cash $ $200,000$ $ $170,000$

Accounts receivable $864,000700,000$

Inventories $2,000,0001,400,000$

Total current assets $$3,064,000$ $$2,270,000$

Net fixed assets $6,000,0005,600,000$

Total assets $$9,064,000$ $$7,870,000$

Liabilities and equity:

Accounts payable $$1,400,000$ $$1,090,000$

Notes payable $1,600,0001,800,000$

Total current liabilities $$3,000,000$ $$2,890,000$

Long$-$term debt $2,400,0002,400,000$

Common stock $3,000,0002,000,000$

Retained earnings $664,000580,000$

Total common equity $$3,664,000$ $$2,580,000$

Total liabilities and equity $$9,064,000$ $$7,870,000$

Wolken has never paid a dividend on its common stock, and it issued $$2,400,000$ of $10-$year non$-$callable, long$-$term debt

in $2019.$ As of the end of $2020,$ none of the principal on this debt had been repaid. Assume that the company's sales in

$2019$ and $2020$ were the same. Which of the following statements must be CORRECT?

a$.$ Wolken increased its short$-$term bank debt in $2020.$

b$.$ Wolken issued long$-$term debt in $2020.$

c$.$ Wolken issued new common stock in $2020.$

d$.$ Wolken repurchased some common stock in $2020.$

e$.$ Wolken had negative net income in $2020.$