What was the amount of net income reported by gore corp

Reference no: EM13299041

The following account balances relate to the stockholders' equity accounts of Gore Corp. at year-end.

2008 2007
Common stock, 10,500 and 10,000 shares,
respectively, for 2008 and 2007 $160,000 $140,000
Preferred stock, 5,000 shares 125,000 125,000
Retained earnings 300,000 260,000

A small stock dividend was declared and issued in 2008. The market value of the shares was $10,500. Cash dividends were $15,000 in both 2008 and 2007. The common stock has no par or stated value.

What was the amount of net income reported by Gore Corp. in 2008?

Reference no: EM13299041

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