The Slazenger Company has provided the following information:
• Shareholders' equity on January 1,2015 was $2,225,900.
• Shareholders' equity on December 31,2015 was $2,379,300.
• Treasury stock costing $71,000 was sold for $62,000;the treasury stock was acquired during 2014.
• A property dividend was declared and distributed during 2015.The property's book value was $42,325 on the declaration date;the property's market value was $54,485 on the declaration date and $57,500 on the distribution date.
• 10,000 shares of $20 par value preferred stock was purchased and retired during 2015.The shares were initially issued for $25 per share and were purchased for $29 per share.
• 5,000 shares of $5 par value common stock were issued as the result of a small stock dividend.The market value per share was $9 at the declaration date and $9.50 at the distribution date.
• Cash dividends declared and paid during the year totaled $70,000.
What was Slazenger's 2015 net income assuming that the only other transactions impacting shareholders' equity are described above?

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The Answer of The Slazenger Company has provided the following information:
• Shareholders' equity on January 1,2015 was $2,225,900.
• Shareholders' equity on December 31,2015 was $2,379,300.
• Treasury stock costing $71,000 was sold for $62,000;the treasury stock was acquired during 2014.
• A property dividend was declared and distributed during 2015.The property's book value was $42,325 on the declaration date;the property's market value was $54,485 on the declaration date and $57,500 on the distribution date.
• 10,000 shares of $20 par value preferred stock was purchased and retired during 2015.The shares were initially issued for $25 per share and were purchased for $29 per share.
• 5,000 shares of $5 par value common stock were issued as the result of a small stock dividend.The market value per share was $9 at the declaration date and $9.50 at the distribution date.
• Cash dividends declared and paid during the year totaled $70,000.
What was Slazenger's 2015 net income assuming that the only other transactions impacting shareholders' equity are described above?

The Slazenger Company Has Provided the Following Information