The December 31 2016 balance sheet for Deen Company showed
The December 31, 2016, balance sheet for Deen Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, 2016, and December 31, 2017. During 2017 Deen Company acquired $20,000 cash from the issue of common stock. Deen Company paid a $5,000 cash dividend to the stockholders during 2017.
Determine the amount of net income or loss Deen reported on its 2017 income statement.
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