EXERCISE 1-5 (LO4) Calculating Missing Amounts Balance, Jan. 1, 2015 Assets $50,000 === Liabilities + Equity $40,000 ? Balance, Dec. 31, 2015 40,000 20,000 ? Required: Using the information above, calculate net income under each of the following assump- tions. a. During 2015, no share capital was issued and no dividends were declared. b. During 2015, no share capital was issued and dividends of $5,000 were declared. 28 Introduction to Financial Accounting c. During 2015, share capital of $12,000 was issued and no dividends were declared. d. During 2015, share capital of $8,000 was issued and $12,000 of dividends were declared. 0 4 ENG US