Question 7 (8 Marks) Colbert Corporation reported the following amounts for assets and liabilities at the beginning a end of a recent year. Beginning of Year $392,500 End of Year $415,000 Assets Liabilities 148,500 150,000 Calculate Colbert's 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): a. Colbert declared no dividends and its common shares remain unchanged. Net income (loss): b. Colbert declared dividends totalling $11,000, and its common shares remain unchanged Net income (loss): c. Colbert declared no dividends and issued additional common shares for $33,000 cash. Net income (loss): d. Colbert declared dividends totalling $17,000 and issued additional common shares for $29,000 Net income (loss)