1 Using the accounting equation sheet data at May 31, 2016, and June 30, 2016, follow: City Green May 31, 2016 June 30, 2016 188,000 Total assets 244,000 Total liabilities 122,000 88,000 or each of the following situations with regard to common stock and dividends of a corporation, compute the amount of net income or net loss during June 2016. The company issued $7,500 of common stock and paid no dividends. a. The company issued no common stock. It paid cash dividends of $13,000 b. c. The company issued $20,000 of common stock and paid cash dividends of $18,000