Power, Inc., a Delaware corporation, was fonned in March, 2007.

Power, Inc., a Delaware corporation, was fonned in March, 2007. The corporation began with 10 million authorized shares ofcommon stock, $2 par value, and initially sold 2 million shares at $8 per share. Unfortunately, the company lost $1.5 million for the year ended 2007, which cause.d the market price ofits shares to fall to $1.50. The corporation needed to raise more capital, so in early 2008 the articles ofincorporation were amended to reduce the par value to $0.10 per share, and the corporation sold an additional 1.5 million shares for $1.00 per share. The corporation had a better year in 2008, making a profit of$200,000. On your answer sheet, give the amount corresponding to each of,the numbered blanks on the balance sheet below for the years 2007 and 2008.