Determine net income for its first year of operations

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Reference no: EM131222677

Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year reported dividends paid of $221,000. The balance sheet at the end of the first year reported $65,000 in dividends payable and $521,000 in ending retained earnings.

Determine Stanton's net income for its first year of operations.

Reference no: EM131222677

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