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Find what was dragonflies net income for the current year

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Reference no: EM132719914

Problem 1: Shareholders of Dragonflies Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000. If retained earnings at the beginning of the year was $80,000, what was Dragonflies' net income for the current year?

Reference no: EM132719914

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