The December 31, 2016, balance sheet for Deen Company showed total stockholders' equity of $73,000. Total stockholders' equity increased by $42,500 between December 31, 2016, and December 31, 2017. During 2017 Deen Company acquired $10,700 cash from the issue of common stock. Deen Company paid a $9,500 cash dividend to the stockholders during 2017.

RequiredDetermine the amount of net income or loss Deen reported on its 2017 income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders' equity.)