Question: Can you explain this general accounting question using accurate calculation methods? A corporation reported stockholders' equity of $920,000 at the beginning of the year. During

Can you explain this general accounting question using accurate calculation methods?

A corporation reported stockholders' equity of $920,000 at the beginning of the year. During the year, the company paid cash dividends of $40,000. By the end of the year, stockholders' equity increased to $1,050,000. Calculate the amount of net income reported for the year

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