I really need help figuring out Net income in this problem :confused:...

Need to find Net income and Equity for 2007(If I figure out Net income I will be able to figure out Equity and vice versa.. so either or would be great)

This is all that I am given:


Dec. 2006

Assets: $30,420
Liabilities: $21,294


Dec. 2007

Assets: $30,240
Liabilities: $20,563

Stock issuances: $1,400
Net Income: ?
Cash Dividends: $2,000

Equity for 2007: ?
And I found that equity for 2006 is $9126

SInce the accounting rule is

Total Assets = Total Laiabilities + Equity

30240 =?? + 20563

Equity = 30240-20563+1400-2000=9,077

Net income = 600