Use the following selected financial data from the balance sheet at the end of 2015 and 2014:
Net income for 2015 and 2014 was $120,000 and $460,000, respectively. No stock was issued during either year, but dividends of $20,000 and $16,000 were paid in 2015 and 2014, respectively.

Question

Use the following selected financial data from the balance sheet at the end of 2015 and 2014:
  Net income for 2015 and 2014 was $120,000 and $460,000, respectively. No stock was issued during either year, but dividends of $20,000 and $16,000 were paid in 2015 and 2014, respectively.

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The Answer of Use the following selected financial data from the balance sheet at the end of 2015 and 2014:
  Net income for 2015 and 2014 was $120,000 and $460,000, respectively. No stock was issued during either year, but dividends of $20,000 and $16,000 were paid in 2015 and 2014, respectively.

Use the Following Selected Financial Data from the Balance Sheet