Question 7 (8 Marks ) Colbert Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year Beginning of Year End of Year Assets $392,500 $415,000 Liabilities 148,500 150,000 Calculate Colberts net income or net loss for the year in each of the following independent situations (if it is a net loss, place the amount between parentheses) Colbert declared no dividends and its common shares remain unchanged Net income (loss ) Colbert declared dividends totalling $11,000, and its common shares remain unchanged Net income (loss ) Colbert declared no dividends and issued additional common shares for $33,000 cash Net income (loss ) Colbert declared dividends totalling $17,000 and issued additional common shares for $29,000 Net income ( loss )

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Question: Question 7 (8 Marks ) Colbert Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year. Beginning

Question 7 (8 Marks)

Colbert Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.

Beginning of Year

End of Year

Assets

$392,500

$415,000

Liabilities

148,500

150,000

Calculate Colberts net income or net loss for the year in each of the following independent situations (if it is a net loss, place the amount between parentheses):

Colbert declared no dividends and its common shares remain unchanged.

Net income (loss):___________________________

Colbert declared dividends totalling $11,000, and its common shares remain unchanged.

Net income (loss):___________________________

Colbert declared no dividends and issued additional common shares for $33,000 cash.

Net income (loss):___________________________

Colbert declared dividends totalling $17,000 and issued additional common shares for $29,000.

Net income (loss):___________________________

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