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  3. the december 31, year 4, balance sheet for deen co

The December 31, Year 4, balance sheet for Deen Company showed total stockholders equity of...

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Accounting

The December 31, Year 4, balance sheet for Deen Company showed total stockholders equity of $75,500. Total stockholders equity increased by $34,000 between December 31, Year 4, and December 31, Year 5. During Year 5, Deen Company acquired $12,500 cash from the issue of common stock. The Company paid a $2,000 cash dividend to the stockholders during Year 5.

Required

Determine the amount of net income or loss Deen reported on its Year 5 income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders equity.)

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