Question: Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year: Assets January 1 $240,000 Assets December 31 $320,000 Liabilities January 1 $120,
Presented below is selected information pertaining to Pineapple Enterprises Ltd. for last year:
| Assets January 1 | $240,000 |
| Assets December 31 | $320,000 |
| Liabilities January 1 | $120, 000 |
| Common shares December 31 | 60,000 |
| Retained earnings December 31 | $20,000 |
| Common shares issued during the year | 2,000 |
| Dividends declared during the year | 32,000 |
Required
Calculate the net income for last year.
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