K-Os Corporation reported the following selected information for the two years ended December 31:

________________________2015............................2014

Total assets..................$520,000....................$440,000

Total liabilities...............350,000.......................290,000

Instructions

(a) Calculate total shareholders' equity at December 31, 2014 and 2015.

(b) Calculate the change in total shareholders' equity for the year ended December 31, 2015.

(c) K-Os's shareholders' equity consists only of common shares and retained earnings. Using the change in total shareholders' equity calculated in (b) above, calculate the profit or loss for the year ended December 31, 2015, assuming:

1. K-Os issued no common shares during the year and paid no dividends.

2. K-Os issued no common shares during the year and paid dividends of $5,000.

3. K-Os issued $25,000 of additional common shares during the year and paid no dividends.

4. K-Os issued $10,000 of additional common shares during the year and paid dividends of $5,000.