E1-10: Lily Company had the following assets and liabilities on the detailed indicated. December 31 Total Assets Total Liabilities 2010 $400,000 $250,000 2011 $460,000 $300,000 2012 $590,000 $400,000 Lily began business on January 1, 2010, with an investment of $100,000 from stockholders Instruction: From an analysis of the change in stockholders equity during the year, compute the net income (or loss) for: a) 2010, assuming Lily paid $15,000 in dividends for the year. b) 2011, assuming stockholders made an additional investment of $50,000 and Lily paid no dividends in 2011. c) 2012, assuming stockholders made an additional investment of $15,000 and Lily paid dividends of $30,000 in 2012.

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