33) Calculation of net income from the change in shareholders' equity Presented below are changes in all account balances of Heys Inc. during last year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash... $22,000 Accounts payable. $28,000 Accounts receivable (net). Bonds payable.. (14,000) Inventory 48,000 Common shares... 72,000 Plant Assets (net).... 24,000 (9,000) The only entries in retained earnings were for net income and a dividend declaration of $12,000. 22000 28000 9000 Instructions Calculate the net income for last year. =N1 - 1300 - 14000 49000 24ooo 14000 *71000 $ 13,0 85000 12060 4) Discontinued operations Hibou Ltd., a private company based in Vancouver, decided to sell its Industrial Design Division. After two years of losses and heavy competition, a plan to dispose of the division was put in place. At the end of 2020, the plan was finalized and approved by the board of directors. The sale is anticipated to be completed by June 30, 2021. formation. ign Division) was