Magee Corporation provided the following summary balance sheet information:

Compute net income for the year ending December 31, 20X2, under each of the following independent scenarios:

(a) Magee paid no dividends, and no additional capital was raised via share issuances.

(b) Magee paid $100,000 in dividends, and no additional capital was raised via share issuances.

(c) Magee paid no dividends, but raised $250,000 via issuances of additional shares of stock.

(d) Magee paid $100,000 in dividends, and raised $250,000 via issuances of additional shares of stock.

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Total assets Total liabilities Dec. 31, 20X1 $1,500,000 700,000 Dec. 31, 20X2 $2,300,000 1,400,000