Question: Please explain the solution to this general accounting problem with accurate explanations. Assume that retained earnings increased by $42,300 from December 31 of Year 1

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

Please explain the solution to this general
Assume that retained earnings increased by $42,300 from December 31 of Year 1 to December 31 of Year 2. During the same year, a cash dividend of $9,700 was declared and paid. Compute the net income for the year

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