Incubus Corporation began with an investment by shareholders of $30,000.

a.In its first year, its income showed a deficit of $6,000. What would the equity section of its balance sheet show at year end?

b.In the second year, it had income of $17,000 and a dividend of $5,000 was paid. What would the equity section of its balance sheet show at year end?

c.In the third year, Incubus sold more shares for a value of $15,000, earned income of $11,000, and paid a dividend of $5,000. What would the equity section of its balance sheet show at year end?