Hint: for any problem that invokes the accounting identity, you may use equations, but for a more visual framework consider the financial statements (e.g., balance sheet, income statement and statement of retained earnings/stockholders equity) to which each piece of data applies.

Consider each of the following problems independently:

1. Presented below is certain information pertaining to a corporation for the year 20x6.

Assets, January 1	$175,000	Assets, December 31	$225,000
Liabilities, January 1	110,000	Liabilities, December 31	????
Common Stock, December 31	35,000	Retained Earnings, December 31	60,000
Common Stock Issued during 20x6	10,000	Dividends declared during 20x6	5,000
Retained Earnings January 1	????	Common Stock, January 1	????

Required: (A) Solve for the missing values and (B) net income (loss) for 20x6.