Reference no: EM132808961
Presented below is certain information pertaining to Madison Company.
Assets, January 1 $250,000
Assets, December 31 230,000
Liabilities, January 1 150,000
Common stock, December 31 90,000
Retained earnings, December 31 41,000
Common stock sold during the year 10,000
Dividends declared during the year 13,000
Problem 1: Compute the net income for the year.
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