The following information appears in the records of Stern Corporation at the end of the year:

a. Calculate the amount of retained earnings at the end of the year.

b. Using your answer from part \(a\), if the amount of the retained earnings at the beginning of the year was \(\$ 30,000\), and \(\$ 15,000\) in dividends was paid during the year, what was the company's net income for the year?

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Accounts receivable Accounts payable. Cash... Common stock. $ 25,000 13,000 Retained earnings Supplies. 8,000 Equipment 115,000 ? 9,000 138,000