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Business, 12.02.2020 03:32 ashley110608

The changes in account balances of the Vel Corporation during Year 6 are presented below: Increase Assets $356,000 Liabilities 108,000 Capital stock 240,000 Additional paid-in capital 24,000 Vel has no items of other comprehensive income (OCI), and the only charge to retained earnings was for a dividend payment of $52,000. Thus, the net income for Year 6 is

a. $16,000
b. $36,000
c. $52,000
d. $68,000

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