Question: Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year reported dividends paid of $143,000. The balance sheet

Stanton Corp. began operations on January 1, 2016. The statement of cash flows for the first year reported dividends paid of $143,000. The balance sheet at the end of the first year reported $55,000 in dividends payable and $475,000 in ending retained earnings.

Determine Stanton's net income for its first year of operations.

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