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The statement of stockholders' equity shows an $8,000 increase in the common stock account, a $22,000 increase in the additional paid-in capital—common stock account, and a $100,000 increase in retained earnings. If the common stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?

The statement of stockholders' equity shows an $8,000 increase in the common stock account, a $22,000 increase in the additional paid-in capital—common stock account, and a $100,000 increase in retained earnings. If the common stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 8RE: Given the following year-end information for Somerset Corporation, compute its basic earnings per...
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The statement of stockholders' equity shows an $8,000 increase in the common stock account, a $22,000 increase in the additional paid-in capital—common stock account, and a $100,000 increase in retained earnings. If the common stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?

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