Please do the two required in this question, show full steps whenever necessary.

Part D (4 marks) XYZ Corporation began operations on January 1,2014. The following selected information concerns the corporation since it began operations. a) Book value per common share went from $12 per share at the end of 2014 to $15 per share at the end of 2015 b) Dividend per common share for 2015 was $2. Total cash dividends declared and paid during 2015 amount to $40,000 c) The corporation has no preferred shares. d) The corporation did not declare or pay any dividends during 2014 e) The common shares were initially sold at $10 per share f) There were no additional issues of common shares after the initial issue Required: a) Compute the balance in the common share account that would be reported on the balance sheet at the end of the second year of operations. (2 marks) b) Compute the net income for the second year of operations (2 marks)