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The changes in account balances for Elder Company for 2018 are as follows:...

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Accounting

The changes in account balances for Elder Company for 2018 are as follows:
Assets
Common stock
Liabilities
$680,000 debit
350.000 credit
190.000 credit
Paid-in capital-excess of par
30.000 credit
Assuming the only changes in retalned eamings in 2018 were for net Income and a $50,000 dividend, what was net income for 2018?
Multiple Choice
$160,000
$150,000
$140,000
$170,000
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