Determine the net income of northstar corp

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The equity sections from the 2014 and 2015 balance sheets of Northstar Corp. appeared as follows:

Northstar Corp

Equity section of the Balance Sheet

December 21, 2014

Common Shares ; unlimited shares authorized 120000 shares issued and outstanding 360,000

Retained Earnings 240000

Total Equity 600000

Northstar Corp

Equity section of the Balance Sheet

December 21, 2015

Common Shares ; unlimited shares authorized

120000 shares issued and outstanding 480000

Retained Earnings 254000

Total Equity 734000

Problem 1: On February 16, April 13, June 2, and again on June 16, the board of directors declared $0.40 per share cash dividends on the outstanding common shares. On May 3, 40,000 additional common shares were issued. Under the assumption that there were no transactions affecting retained earnings other than the ones just described, determine the 2015 net income (net loss) of Northstar Corp. Indicate whether Northstar Corp. had a net gain or loss in 2015.

Reference no: EM132672653

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