Problem:
The December 31, 2012, balance sheet for Thomas Company showed total stockholders' equity of $73,000. Total stockholders' equity increased by $42,500 between December 31, 2012, and December 31, 2013. During 2013 Thomas Company acquired $10,700 cash from the issue of common stock. Thomas Company paid an $9,500 cash dividend to the stockholders during 2013.
Required:
Question: Determine the amount of net income or loss Thomas reported on its 2013 income statement.
Note: Please show how to work it out.