Based on the information contained in Table 3, what was the total amount of Snark Enterprise's common stock dividend for 2012?
Table 3
Snark Enterprises, Inc.
Balance Sheets
2011 2012
Cash $1,000 $?
Accounts receivable 8,000 9,000
Inventories 4,000 7,000
Land 10,000 10,000
Other fixed assets 5,000 5,500
Accumulated depreciation (1,600) (2,000)
Total assets $26,400 $?
Accounts payable $4,200 $ 7,000
Bonds 4,000 4,000
Common stock 15,000 16,000
Retained earnings 3,200 3,800
Total debt and equity $26,400 $?
Snark Enterprises, Inc.
Income Statement
Sales $44,900
Cost of goods sold (22,000)
Gross profit $12,900
Operating expenses (10,000)
Depreciation (400)
EBIT $2,500
Interest expense (500)
EBT $2,000
Taxes (1,000)
Net Income $1,000
A) $0
B) $400
C) $600
D) Cannot be determined with available information
Answer: B
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