The December 31, 2012, balance sheet for Classic Company showed total stockholders

| February 25, 2017

Question
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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