The December 31, 2018, balance sheet for Deen Company showed total stockholders’ equity of $69,500. Total stockholders’ equity increased by $32,000 between December 31, 2018, and December 31, 2019. During 2019 Deen Company acquired $12,000 cash from the issue of common stock. The Company paid a $3,500 cash dividend to the stockholders during 2019.
Required
Determine the amount of net income or loss Deen reported on its 2019 income statement. (Hint: Remember that stock issues, net income, and dividends all change total stockholders’ equity.)