Exercise 1-16 (Static) Computing net income using accounting equation LO P2 Shep Company's records show the following information for the current year. Total assets Total liabilities Beginning of year $50,000 $22,000 End of year $80,000 $35,000 Determine net income (loss) for each of the following separate situations. (For all requirements, losses should be entered with a minus sign.) a. Additional common stock of $3,000 was issued and dividends of $7,000 were paid during the current year. b. Additional common stock of $15,000 was issued and no dividends were paid during the current year. c. No additional common stock was issued and dividends of $12,000 were paid during the current year. Answer is complete but not entirely correct. a. b. Net income (loss) Net income (loss) Net income (loss) $ $ $ 49,000 30,000 X 57,000 C