Question: The changes in account balances for Elder Company for 2016 are as follows: Assets $493,000 debit Common stock 244,000 credit Liabilities 158,000 credit Paid-in capital

The changes in account balances for Elder Company for 2016 are as follows:

Assets $493,000 debit
Common stock 244,000 credit
Liabilities 158,000 credit
Paid-in capital excess of par 17,000 credit

Assuming the only changes in retained earnings in 2016 were for net income and a $68,000 dividend, what was net income for 2016?

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