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The changes in account balances for Elder Company for 2009 are as follows:
Assets/Debit $480,000
Common stock/Credit $250,000
Liabilities/Credit $160,000
Paid in capital/Credit $30,000

Assuming the only changes in retained earnings in 2009 were for net income and a $50,000 dividend, what was net income for 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9101924

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