Four different companiesIowa, Nevada, Ohio, and Texasshow the same balance sheet data at the beginning and end

Four different companies—Iowa, Nevada, Ohio, and Texas—show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders’ equity, are summarized as follows:

On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year.

Company Iowa: No additional capital stock was issued, and no dividends were paid.
Company Nevada: No additional capital stock was issued, but dividends of $20,000 were paid.
Company Ohio: Capital stock of $75,000 was issued, but no dividends were paid.
Company Texas: Capital stock of $75,000 was issued, and dividends of $20,000 werepaid.

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Total Liabilities $150,000 315,000 Total Assets Beginning of the year End of the year 400,000 675,000