Hector Lopez is the sole stockholder and operator of Centillion, a motivational consulting business. At the end of its accounting period, December 31, 2007, Centillion has assets of

$950,000 and liabilities of $300,000. Using the accounting equation and considering each case independently, determine the following amounts:

a. Stockholders’ equity, as of December 31, 2007.

b. Stockholders’ equity, as of December 31, 2008, assuming that assets increased by $150,000 and liabilities increased by $90,000 during 2008.

c. Stockholders’ equity, as of December 31, 2008, assuming that assets decreased by $75,000 and liabilities increased by $27,000 during 2008.

d. Stockholders’ equity, as of December 31, 2008, assuming that assets increased by $125,000 and liabilities decreased by $48,000 during 2008.

e. Net income (or net loss) during 2008, assuming that as of December 31, 2008, assets were

$1,200,000, liabilities were $195,000, and no additional capital stock was issued nor dividends distributed.