An analysis of Goulding, Inc., disclosed changes in account balances for 2011 and the following supplementary data. From these data, calculate the net income or loss for 2011.
Goulding sold 4,000 shares of its $5 par stock for $8 per share and received cash in full. Dividends of $20,000 were paid in cash during the year. Goulding borrowed $40,000 from the bank and made interest payments of $5,000. Goulding had no other loans payable. Interest of $2,000 was payable at December 31, 2011. There was no interest payable at December 31, 2010. Equipment of $15,000 was donated by stockholders during the year.