Question: I am looking for the correct answer to this general accounting question with appropriate explanations. Rivertown Traders began the year by issuing $85,000 of common

I am looking for the correct answer to this general accounting question with appropriate explanations.

Rivertown Traders began the year by issuing $85,000 of common stock for cash. During the year, the company earned revenues of $950,000 and incurred total expenses of $790,000. It also paid dividends totaling $60,000. What is the net income for the year

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