P3-9 Changes in stockholders' equity Listed are the equity sections of balance sheets for years 2018 and 2019 as reported by Mountain Air Ski Resorts Inc. The overall value of stockholders' equity has risen from $2,000,000 to $7,500,000. Use the statements to discover how and why that happened. Mountain Air Ski Resorts Inc. Balance Sheets (partial) Stockholders' equity Common stock ($1.00 par) Authorized: 5,000,000 shares Outstanding: 1,500,000 shares 2019 500,000 shares 2018 Paid-in capital in excess of par Retained earnings Total stockholders' equity 2018 $ 500,000 500,000 1,000,000 $2,000,000 2019 $1,500,000 4,500,000 1,500,000 $7,500,000

The company paid total dividends of $200,000 during fiscal 2019.

a. What was Mountain Air's net income for fiscal 2019?

b. How many new shares did the corporation issue and sell during the year?

c. At what average price per share did the new stock sold during 2019 sell?

d. At what price per share did Mountain Air's original 500,000 shares sell?

3-9 Changes in stockholders' equity Listed are the equity sections of balance sheets for years 2018 and 2019 as reported by Mountain Air Ski Resorts Inc. The overall value of stockholders' equity has risen from $2,000,000 to $7,500,000. Use the statements to discover how and why that happened. The company paid total dividends of \$200,000 during fiscal 2019. a. What was Mountain Air's net income for fiscal 2019? b. How many new shares did the corporation issue and sell during the year? c. At what average price per share did the new stock sold during 2019 sell? d. At what price per share did Mountain Air's original 500,000 shares sell