Begin by calculating the net income $($loss$)$ for Situation #$1.$ Then, calculate the net income $($loss$)$ for Required

Below are three situations about Swit's issuance of shares and payment of

Comparative balance sheets

dividends during the current year. For each situation, use the accounting equation

and Statement of Retained Earnings to compute the amount of Swit's net income

or loss for the current year.

Swit issued shares for $$10$ million and paid no dividends.

Swit issued no shares and paid dividends of $$6$ million.

Swit issued shares for $$25$ million and paid dividends of $$4$ million.

$1$

$1$

$1$

Situations #$2$ and #$3.($Complete all answer boxes. Enter amounts in millions as provided to you

in the problem statement. For accounts with a $$0$ balance, make sure to enter $"0"$ in the

appropriate column. Use parentheses or a minus sign for numbers to be subtracted.$)$