The December 31, Year 1, balance sheet for Deen Company showed total stockholders' equity of $72,500. Total stockholders

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The December 31 Year 1 Balance Sheet For Deen Company Showed Total Stockholders Equity Of 72 500 Total Stockholders 1 (19.43 KiB) Viewed 60 times

The December 31, Year 1, balance sheet for Deen Company showed total stockholders' equity of $72,500. Total stockholders' equity Increased by $23,460 between December 31, Year 1, and December 31, Year 2. During Year 2, Deen Company acquired $20,000 cash from the issue of common stock. Deen Company paid a $7,500 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.) Net income