Alex Hayden is the sole stockholder and operator of Elevate and Succeed, a motivational consulting business. At the end of its accounting period, December 31, 20Y7, Elevate and Succeed has assets of $1,200,000 and liabilities of $375,000. Using the accounting equation and considering each case independently, determine the following amounts:
a. Stockholders' equity, as of December 31, 20Y7.
b. Stockholders' equity, as of December 31, 20Y8, assuming that assets increased by $150,000 and liabilities increased by $80,000 during 20Y8.
c. Stockholders' equity, as of December 31, 20Y8, assuming that assets decreased by $200,000 and liabilities increased by $100,000 during 20Y8.
d. Stockholders' equity, as of December 31, 20Y8, assuming that assets increased by $400,000 and liabilities decreased by $75,000 during 20Y8.
e. Net income (or net loss) during 20Y8, assuming that as of December 31, 20Y8, assets were $1,275,000, liabilities were $290,000, and there were no dividends and no additional common stock was issued.