Exercise 1-16 (Static) Computing net income using accounting equation LO P2 Shep Company's records show the following information for the current year. Determine net income (loss) for each of the following separate situations. Note: 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. Exercise 1-16 (Static) Computing net income using accounting equation LO P2 Shep Company's records show the following information for the current year. Determine net income (loss) for each of the following separate situations. Note: 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