Question - In its December 31, 2014 year-end balance sheet Shrek, Inc reported total assets of $590,000; total liabilities of $287,000 and contributed capital of $48,000.
In its December 31, 2015 year-end balance sheet, Shrek Inc reported $870,000 in total assets and $224,000 total liabilities.
The company raised funds by issuing $38,000 common stock in 2015. The company also declared and paid $48,000 dividends in 2015.
What did Shrek, Inc report as income/loss for the period ending December 31, 2015?