The December 31, 2013, balance sheet for Thomas Company showed total stockholders equity of $68,500. Total stockholders equity increased by $32,500 between December 31, 2013, and December 31, 2014. During 2014 Thomas Company acquired $13,000 cash from the issue of common stock. Thomas Company paid a $6,500 cash dividend to the stockholders during 2014.

The December 31, 2013, balance sheet for Thomas Company showed total stockholders' equity of $68,500. Total stockholders' equity increased by $32,500 between December 31, 2013, and December 31, 2014. During 2014 Thomas Company acquired $13,000 cash from the issue of common stock. Thomas Company paid a $6,500 cash dividend to the stockholders during 2014. Required Determine the amount of net income or loss Thomas reported on its 2014 income statement. (Hint Remember that stock issues, net income, and dividends all change total stockholders' equity.) ok