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Determining Net Income The beginning and ending balances of retained earnings for the year were...

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Accounting

Determining Net Income

The beginning and ending balances of retained earnings for the year were $36,000 and $38,000 respectively. If dividend payments during the year were $4,000, determine the net income or net loss for the year.

a. $2,000 net loss

b. $11,000 net income

c. $6,000 net income

d. $7,000 net income

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