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What was net income

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Question - The changes in account balances for Allen Inc. for 2021 are as follows:

Assets $280,000 debit

Common stock 180,000 credit

Liabilities 61,000 credit

Paid-in capital-excess of par 25,000 credit

Assuming the only changes in retained earnings in 2021 were for net income and a $35,000 dividend, what was net income for 2021?

Reference no: EM133179283

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