The Deen Company's balance sheet as of December 31, Year 1 showed total shareholders' equity of $73,000. Total shareholders' equity increased by $42,500 between December 31 of year 1 and December 31 of year 2. During year 2, Deen Company acquired $10,700 in cash from the issue of common stock. The Deen Company paid a cash dividend of $9,500 to stockholders during year 2.

Required
Determine the amount of net income or loss Deen reported in its income statement for year 2.

Answer rating: 100% (QA)

Stockholders Equity on December 31Year 2 7300042500 1... View the full answer