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Question - Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year:
Account Increase (Decrease)
Cash $22,000
Accounts Receivable (net) (9,000)
Inventory 48,000
Plant Assets (net) 24,000
Accounts Payable 28,000
Bonds Payable (14,000)
Common Shares 72,000
The only entry to retained earnings were for net income and a dividend declaration of $12,000.
Required - Calculate the net income for last year.
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