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Exercise 1-14A (Algo) Missing information for determining net income LO 1-7 The December...

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Accounting

Exercise 1-14A (Algo) Missing information for determining net income LO 1-7
The December 31, Year 4, balance sheet for Deen Company showed total stockholders' equity of $63,000. Total stockholders' equity
increased by $35,000 between December 31, Year 4, and December 31, Year 5. During Year 5, Deen Company acquired $15,000 cash
from the issue of common stock. The Company paid a $5,500 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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