Changes In Owners' Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:

Required 1. Compute the changes in Coaches and Carriages' owners' equity during 1997 and 1998.

2. Compute the amount of Coaches and Carriages' net income (or loss) for 1997 assuming that no dividends were paid during the year.

3. Compute the amount of Coaches and Carriages' net income (or loss) for 1998 assum- ing that dividends paid during the year amounted to $10,000.

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DECEMBER 31 1996 1997 1998 TOTAL ASSETS $ 25,000 79,000 184,000 TOTAL LIABILITIES $ 12,000 67,000 137,000