Question 3 [4 points]

The equity sections from the 2014 and 2015 balance sheets of X-cell Inc. appeared as follows:

Question 3 [4 points) The equity sections from the 2014 and 2015 balance sheets of X-cell Inc. appeared as follows: X-cell Inc. Equity Section of Balance Sheet December 31, 2014 Common shares, unlimited shares authorized; 110,000 shares issued and outstanding 330,000 Retained earnings 230,000 Total equity 560,000 X-cell Inc. Equity Section of Balance Sheet December 31, 2015 Common shares, unlimited shares authorized; 120,000 shares issued and outstanding 360,000 Retained earnings. 145,000 Total equity. 505,000 On April 11, August 28, and again on November 25, the board of directors declared $0.30 per share cash dividends on the outstanding common shares. On October 4, 10,000 additional common shares were issued. Under the assumption that there were no transactions affecting retained earnings other than the ones just described, determine the 2015 net income (net loss) of X-cell Inc.. Indicate whether X-cell Inc. had a net gain or loss in 2015. Net income or loss = (Select one) by $