Stosch Company's balance sheet reported assets of $87,000, liabilities of $24,000 and common stock of $21,000 as of December 31, 2015. If Retained Earnings on the December 31, 2016 balance sheet is $54,000 and Stosch paid a $23,000 dividend during 2016, then the amount of net income for 2016 was which of the following?

• $23,000

• $35,000

• $12,000

• $42.000

Answer rating: 100% (QA)

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