The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:

December 31 Total Assets Total Liabilities

2010.............................$ 25,000..........................$ 12,000

2011...............................79,000............................67,000

2012..............................184,000..........................137,000

Required

1. Compute the changes in Coaches and Carriages owners' equity during 2011 and 2012.

2. Compute the amount of Coaches and Carriages' net income (or loss) for 2011 assuming that no dividends were paid and the owners made no additional contributions during the year.

3. Compute the amount of Coaches and Carriages' net income (or loss) for 2012 assuming that dividends paid during the year amounted to $10,000 and no additional contributions were made by the owners.