Exercise 1-9A Missing information for determining net income The December 31, 2011, balance sheet for Classic Company showed total stockholders' equity of $82,500. Total stockholders' equity increased by $53,400 between December 31,2011 , and December 31,2012 . During 2012 Classic Company acquired $13,000 cash from the issue of common stock. Classic Company paid an \$8,000 cash dividend to the stockholders during 2012. Required Determine the amount of net income or loss Classic reported on its 2012 income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders' equity.)