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(Solution) - The December 31 2012 balance sheet for Classic Company showed

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The December 31, 2012, balance sheet for Classic Company showed total stockholders? equity of $82,500. Total stockholders? equity increased by $53,400 between December 31, 2012, and December 31, 2013. During 2013 Classic Company acquired $13,000 cash from the issue of common stock. Classic Company paid an $8,000 cash dividend to the stockholders during 2013.

Determine the amount of net income or loss Classic reported on its 2013 income statement.


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This question was answered on: Jul 11, 2017

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