RequirementsThe following are three situations related Willy Company's issuance of stock and declarationand payment of dividends during the year ended January 31, 2022. For each situation, use theaccounting equation and what you know from the chapter about stockholders' equity,common stock, and retained earnings to calculate the amount of Willy's net income or net lossduring the year ended January 31, 2022.1. Willy issued $12 million of stock and declared no dividends.2. Willy issued no stock but declared dividends of $15 million.3. Willy issued $12 million of stock and declared dividends of $100 million.PrintDone