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A company started the year with the following: Assets $102.000: Liabilities $32.000: Common Stock $62.000: Retained Earnings $8.000. During the year, the company earned revenue

A company started the year with the following: Assets $102.000: Liabilities $32.000: Common Stock $62.000: Retained Earnings $8.000.

During the year, the company earned revenue of $5.200, all of which was received in cash, and incurred expenses of $3.100, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,200 to owners. Assume no other activities occurred during the year.

What was the amount of net Income for the year?

  1. $5,200
  2. $1,200
  3. $2,100
  4. $3,100

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