Calculation of net income from the change in stockholders

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Calculation of net income from the change in stockholders' equity.

Presented below is certain information pertaining to Edson Company.

Assets, January 1	$240,000
Assets, December 31	230,000
Liabilities, January 1	150,000
Common stock, December 31	80,000
Retained earnings, December 31	31,000
Common stock sold during the year	10,000
Dividends declared during the year	13,000

Compute the net income for the year.

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