Carson Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.

...........................Beginning of Year......... End of Year

Assets ..................$385,500..................... $420,250

Liabilities............... 152,800 .......................156,600

Required:

Calculate Carson's net income or net loss for the year in each of the following independent situations:

1. Carson declared no dividends, and its common stock remained unchanged.

2. Carson declared no dividends and issued additional common stock for $40,000 cash.

3. Carson declared dividends totaling $15,000, and its common stock remained unchanged.

4. Carson declared dividends totaling $20,000 and issued additional common stock for $35,000.