The December 31, 2012, balance sheet for Classic Company showed total stockholders' equity of $62,500. Total stockholders' equity increased by...

The December 31, 2012, balance sheet for Classic Company showed total stockholders' equity of $62,500. Total stockholders' equity increased by $30,000 between December 31, 2012, and December 31, 2013. During 2013 Classic Company acquired $10,000 cash from the issue of common stock. Classic Company paid an $2,500 cash dividend to the stockholders during 2013.

Determine the amount of net income or loss Classic reported on its 2013 income statement