Question 7 (8 Marks)

Colbert Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year.

	Beginning of Year	End of Year
Assets	$392,500	$415,000
Liabilities	148,500	150,000

Calculate Colberts net income or net loss for the year in each of the following independent situations (if it is a net loss, place the amount between parentheses):

1. Colbert declared no dividends and its common shares remain unchanged.

Net income (loss):___________________________

2. Colbert declared dividends totalling $11,000, and its common shares remain unchanged.

Net income (loss):___________________________

3. Colbert declared no dividends and issued additional common shares for $33,000 cash.

Net income (loss):___________________________

4. Colbert declared dividends totalling $17,000 and issued additional common shares for $29,000.

Net income (loss):___________________________