Cullumber Company had the following assets and liabilities on the dates indicated.

December 31

Total Assets

Total Liabilities
2019

$450,000

$150,000
2020

$530,000

$200,000
2021

$660,000

$300,000

Cullumber began business on January 1, 2019, with an investment of $90,000 from stockholders.

From an analysis of the change in stockholders’ equity during the year, compute the net income (or loss) for:

(a) 2019, assuming Cullumber paid $15,000 in dividends for the year.

Net income (loss) for 2019

$
enter the Net income (loss) for 2019 in dollars

(b) 2020, assuming stockholders made an additional investment of $40,000 and Cullumber paid no dividends in 2020.

Net income (loss) for 2020

$
enter the Net income (loss) for 2020 in dollars

(c) 2021, assuming stockholders made an additional investment of $15,000 and Cullumber paid dividends of $15,000 in 2021.

Net income (loss) for 2021

$
enter the Net income (loss) for 2021 in dollars