The equity sections from the 2023 and 2024 balance sheets of Fab-Form Industries Inc. appeared as follows:

On March 16, June 15, September 5, and November 22, 2021, the board of directors declared $0.20 per share cash dividends on the outstanding common shares. On October 14, 2024, 19,200 additional common shares were issued.

Required

Under the assumption that there were no transactions affecting retained earnings other than the ones given, determine the 2024 profit (loss) of Fab Form Industries Inc. Show your calculations.

Transcribed Image Text:

Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2023 Contributed capital: Common shares, unlimited shares authorized, 96,000 shares issued and outstanding $ 688,000 Retained earnings 558,608 $1,246,608 Total equity Fab-Form Industries Inc. Equity Section of the Balance Sheet December 31, 2024 Contributed capital: Common shares, unlimited shares authorized, 115,200 shares issued and outstanding Retained earnings Total equity $833,920 459,600 $1,293,520