Reference no: EM132364253

Question

The balance sheet for Pitchfork Company at December 31, 20X1 indicated that total assets were $100,000 and total liabilities were $36,500.

At December 31, 20X2 total assets had increased to $141,000 and total liabilities were $53,700. During 20X2, Sparky issued $20,000 in new common stock and paid an $18,000 dividend. There were no other changes in equity other than Net Income for 20X2.

Given this information, determine Net Income for the year ended December 31, 20X2 (ignore taxes):

When recording your answer, do not use any symbols like dollar signs $ or commas. Example: if your answer is $7,500, you would enter it as 7500. Use this format for all fill in the blank responses.