Haggerty'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 Haggerty'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 Haggerty's net income or loss during the year ended December $31,2020.$

Haggerty issued shares for $$10$ million and paid no dividends.

Haggerty issued no shares and paid dividends of $$3$ million.

Haggerty issued shares for $$21$ million and paid dividends of $$2$ 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.$)$

sheets

Somparative balance sheets

$\backslash$table$[[,,2020,,2019],[$Total assets,$$,48,,28],[$Total liabilities,,$20,14,]]$

Print

Haggerty'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 Haggerty'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 Haggerty's net income or loss during the year ended December $31,2020.$

Haggerty issued shares for $$10$ million and paid no dividends.

Haggerty issued no shares and paid dividends of $$3$ million.

Haggerty issued shares for $$21$ million and paid dividends of $$2$ 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.$)$

$(1)$ Time Remaining: $00$:$53$:$00$