Meader Company had assets of $140,000 and liabilities of $60,000 at the beginning of the year, and

Question:

Meader Company had assets of $140,000 and liabilities of $60,000 at the beginning of the year, and assets of $200,000 and liabilities of $70,000 at the end of the year. During the year, there was an investment of $20,000 in the business, and dividends of $24,000 were paid. What amount of net income was earned during the year? SE

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