Question: The following changes in Vel Corp.s account balances occurred during 2010: Increase Assets $89,000 Liabilities 27,000 Capital stock 60,000 Additional paid-in capital 6,000 Except for

The following changes in Vel Corp.’s account balances occurred during 2010:

Increase Assets $89,000 Liabilities 27,000 Capital stock 60,000 Additional paid-in capital 6,000 Except for a $13,000 dividend payment and the year’s earnings, there were no changes in retained earnings for 2010.

What was Vel’s net income for 2010?

a. $ 4,000

b. $ 9,000

c. $13,000

d. $17,000

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