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III. Missing information for determining net income (16 Points) The December 31,2011 balance sheet for...

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Accounting

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III. Missing information for determining net income (16 Points) The December 31,2011 balance sheet for Classic Company showed total stockholders' equity of $82,500. Total stockholders' equity increased by $53,400 between December 31, 2011, and December 31,2012. During 2012 Classic Company acquired $13,000 cash from the issue of common stock. Classic Company paid an $8,000 cash dividend to the stockholders' during 2012. Required: Determine the amount of net income or loss Classic reported on its 2012 Income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders' equity.)

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