Q1) Given below is certain information pertaining to Edson Company.
Assets, January 1
|
$240,000
|
Assets, December 31
|
230,000
|
Liabilities, January 1
|
150,000
|
Common stock, December 31
|
80,000
|
Retained earnings, December 31
|
31,000
|
Common stock sold during the year
|
10,000
|
Dividends declared during the year
|
13,000
|
Calculate net income for year.