Dafoe's comparative balance sheets at December $31,2020,$ and December $31,2019,$ report the following $($in millions$).$

$($Click the icon to view the comparative balance sheets.$)$

Requirements

Below are three situations about Dafoe's issuance of shares and payment of dividends during the year ended December $31,2020.$ For each situation, use the accounting equation and statement of retained earnings to compute the amount of Dafoe's net income or loss during the year ended December $31,2020.$

Dafoe issued shares for $$4$ million and paid no dividends.

Dafoe issued no shares and paid dividends of $$5$ million.

Dafoe issued shares for $$13$ million and paid dividends of $$5$ million.

Begin by calculating the net income $($loss$)$ for Situation #$1.$ Then calculate the net income $($loss$)$ for Situations #$2$ and #$3.($Complete all answer boxes. For accounts with a $$0$ balance, make sure to enter $"0"$ in the appropriate column. Use parentheses or a minus sign for numbers to be subtracted.$)$

$\backslash$table$[[($Amounts in millions$)],[$Total shareholders' equity, December $31,2019],[$Net income $($loss$)],[$Add: Issuance of shares$],[$Less: Dividends$],[$Total shareholders' equity, December $31,2020]]$

Comparative balance sheets

$\backslash$table$[[,2020,,2019],[,,,2019,],[$Total assets,$$,42,$$$,22],[$Total liabilities,,$21,8,]]$