Question: Please explain the solution to this general accounting problem with accurate principles. Brightway Corporation issued stock to John Bright in exchange for his investment of

Please explain the solution to this general accounting problem with accurate principles.

Brightway Corporation issued stock to John Bright in exchange for his investment of $70,000 cash in the business. The company recorded revenues of $600,000 and expenses of $470,000, and the company paid dividends of $40,000. What was John Bright's net income for the year

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