11. During 2008, Bakery Company paid out $12,000 of common dividends. It ended the year with $50,000 of retained earnings versus the prior year's retained earnings of $42,000. How much net income did the firm earn during the year? $ 62,000 O S 20,000 O $ 104 000 O $ 50.000 None of the above 12. CIC Co. has $64,000 of net cash at the end of year 2019. The cash flow from investing activities is $-52,000. The Company borrowed a long term loan of 50,000. If the accounts receivable increased by $49,000 and the accounts payable increased by $61,000, and the depreciation is $12,000, what is the company's net income? $43.500 0 $42,000 0 $66,000 O $54,000 None of the above