RELATIONSHIPS AMONG FINANCIAL STATEMENTS Leno 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 $278,000 $320,000 Liabilities 90,000 105,000 Required:

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

Leno declared no dividends, and its common stock remained unchanged.

Leno declared no dividends and issued additional common stock for $12,000 cash.

Leno declared dividends totaling $8,000, and its common stock remained unchanged.

Carson declared dividends totaling $11,000 and issued additional common stock for $15,000.

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