Exercise 1-16 (Static) Computing net income using accounting equation LO P2 Shep Companys records show the following information for the current year: Beginning of year End of year Total assets $ 50,000 $ 80,000 Total liabilities $ 22,000 $ 35,000 Determine net income (loss) for each of the following separate situations. Note: For all requirements, losses should be entered with a minus sign. Additional common stock of $3,000 was issued, and dividends of $7,000 were paid during the current year. Additional common stock of $15,000 was issued, and no dividends were paid during the current year. No additional common stock was issued, and dividends of $12,000 were paid during the current year