At the End of 2019, LoMo Manufacturing Reported the Following

Essay

At the end of 2019, LoMo Manufacturing reported the following amounts on its balance sheet:
Answer each of the following independent questions:
a. Assume that LoMo's stockholders' equity on January 1, 2019 was $396,000. LoMo did not issue common stock during the year, but it paid $54,000 cash in dividends. How much is LoMo's net income or loss for 2019?
b. Assume that LoMo's stockholders' equity on January 1, 2019 was $354,000, and that LoMo issued additional common stock of $105,000 and paid $90,000 in cash dividends before the end of 2019. What was LoMo's net income or net loss for 2019?