Four different proprietorships, M, N, O, and P, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owners€™ equity, are summarized as follows:

On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year.
Company M: No additional capital stock was issued, and no dividends were paid.
Company N: No additional capital stock was issued, but dividends of $60,000 were paid.
Company O: Capital stock of $150,000 was issued, but no dividends were paid.
Company P: Capital stock of $150,000 was issued, and dividends of $60,000 werepaid.

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Total Assets Total Liabilities Beginning of the year End of the year 750,000 1,200,000 5300,000 650,000