Missing information for determining net income
The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increased by $53,400 between December 31, 2012, and December 31, 2013. During 2013 Classic Company acquired $13,000 cash from the issue of common stock. Classic Company paid an $8,000 cash dividend to the stockholders during 2013.
Required
Determine the amount of net income or loss Classic reported on its 2013 income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders’ equity.)
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