The Constantine Company had the following assets and liabilities on the dates indicated.

December 31 Total Assets Total Liabilities

2015 $480,000 $250,000

2016 $460,000 $220,000

2017 $590,000 $300,000

Constantine began business on January 1, 2015, with an investment of $100,000.

Instructions

From an analysis of the change in owner's equity during the year, compute the net income (or

loss) for:

(a) 2015, assuming Constantine's drawings were $45,000 for the year.

(b) 2016, assuming Constantine made an additional investment of $50,000 and had no

drawings in 2016.

(c) 2017, assuming Constantine made an additional investment of $15,000 and had drawings

of $40,000 in 2017.