Question: Leno Corporation reported the following amounts for assets and liabilities

Leno Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.
Required:
Calculate Leno’s net income or net loss for the year in each of the following independent situations:
1. Leno declared no dividends, and its common stock remained unchanged.
2. Leno declared no dividends and issued additional common stock for $12,000 cash.
3. Leno declared dividends totaling $8,000, and its common stock remained unchanged.
4. Leno declared dividends totaling $11,000 and issued additional common stock for $15,000.



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  • CreatedSeptember 22, 2015
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