What was the net income for the year

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Question - On December 31, 2016, the statement of financial position showed total assets of $1,000 000, total liabilities of $400,000 and contributed capital of $400,000.

During the year 2017, the corporation issued share capital of $100000 par value at a premium of 560,000, dividend of $50,000 were paid on December 31, 2017.

The statement of financial position on December 31, 2017 showed total assets of $1,500 000 and total liabilities of $640,090. What was the net income (loss) for the year 2017?

Reference no: EM133116244

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