An analysis of the transactions made by White Stripes & Co., a law firm, for the month of July is shown below. Each increase and decrease in stockholders' equity is explained. 
Instructions
(a) Determine how much stockholders' equity increased for the month.
(b) Compute the amount of net income for the month.
Definitions:
Interest Rate
The ratio of a loan that accumulates interest charges for the borrower, customarily articulated as an annual percentage of the loan outstanding.
Interest Rate
The percentage at which interest is charged or paid on a loan or investment over a specific period of time.
Equal Payments
Regular payments of the same amount, typically in the context of loan repayments or financial agreements.
Interest Rate
The proportion of a loan charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
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