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The December 31, Year 1 , balance sheet for Deen Company showed total stockholders' equity of $79,500. Total stockhoiders' equity increased by $45,000 between December

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The December 31, Year 1 , balance sheet for Deen Company showed total stockholders' equity of $79,500. Total stockhoiders' equity increased by $45,000 between December 31, Year 1, and December 31, Yeat 2. During Yeat 2, Deen Company acquired $32,000 cash from the issue of common stock. Deen Company paid a $4,500 cash dividend to the stockholders during Year 2. Required: Determine the amount of net income or loss Deen reported on its Year 2 income statement. (Hint Remember that stock issues, net income, and dividends all change total stockholders' equity)

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