Exercise $1-14$A $($Algo$)$ Missing information for determining net income LO $1-7$

The December $31,$ Year $4,$ balance sheet for Deen Company showed total stockholders' equity of $$63,000.$ Total stockholders' equity

increased by $$35,000$ between December $31,$ Year $4,$ and December $31,$ Year $5.$ During Year $5,$ Deen Company acquired $$15,000$ cash

from the issue of common stock. The Company paid a $$5,500$ cash dividend to the stockholders during Year $5.$

Required

Determine the amount of net income or loss Deen reported on its Year $5$ income statement. $($Hint: Remember that stock issues, net

income, and dividends all change total stockholders' equity.$)$