Nelson, Inc. s comparative balance sheet at January 31, 2011, and 2010, reports (in millions):

Requirements
Three situations about Nelsons issuance of stock and payment of dividends during the year ended January 31, 2011, follow. For each situation, use the accounting equation and the statement of retained earnings to compute the amount of Nelsons net income or net loss during the year ended January 31, 2011.
1. Nelson issued $11 million of stock and paid no dividends.
2. Nelson issued no stock but paid dividends of $11 million.
3. Nelson issued $55 million of stock and paid dividends of $32million.

2011 $39 10 2010 Total assets Total liabilities $31