Stosch Company's balance sheet reported assets of $142,000, liabilities of $35,000 and common stock of $32,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $98,000 and Stosch paid a $34,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?
A) $23,000
B) $57,000
C) $75,000
D) $34,000

Question

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The Answer of Stosch Company's balance sheet reported assets of $142,000, liabilities of $35,000 and common stock of $32,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $98,000 and Stosch paid a $34,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?
A) $23,000
B) $57,000
C) $75,000
D) $34,000

Stosch Company's Balance Sheet Reported Assets of $142,000, Liabilities of $35,000