What must have been the net income for the year

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Reference no: EM131965703

Problem

Provide the journal entry for the sale of the asset. Assume the following. Net assets (assets minus liabilities) at the beginning of the year were 600,000 and at the end of the year they were 450,000; common stock increase (some were issued) During the year by 50,000; and dividends declared for the year were 120,000. What must have been the net income for the year?

Reference no: EM131965703

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