The December 31, 2006, balance sheet for Kerr Company showed total stockholders’ equity of \($62,500\). Total stockholders’ equity increased by \($53,400\) between December 31, 2006, and December 31, 2007. During 2007 Kerr Company acquired \($11,000\) cash from the issue of common stock. Kerr Company paid an \($8,000\) cash dividend to the stockholders during 2007.

Required:

Determine the amount of net income or loss Kerr reported on its 2007 income statement.