Chapter 1 Homework Assignment 3 Exercise 1-20A (Algo) Analyzing retained earnings to determine net income LO 1-7, 1-8 2 points 8045403 The December 31 Year 1 balance sheet for Deen Company showed total stockholders' equity of $78,000 Total stockholders' equity increased by $26,500 between December 31, Year 1 and December 31 Year 2. During Year 2. Deen Company acquired $11,000 cash from the issue of common stock Deen Company paid a 57.500 cash dividend to the stockholders during Year 2 Required Determine the amount of net income or loss Deen reported on its Year 2 income statement. Mint Remember that stock issues, net Income, and dividends all change total stockholders' equity) Prine + Bences