6 Required information [The following information applies to the questions displayed below.] Part 2 of 2 Carlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $70,300 cash to start the business and received 4,500 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,750; December 31, current year, amounts due from customers from sales of books, $43,000; unused portion of store and office equipment, $80,000; December 31, current year, amounts owed to publishers for books purchased, $13,000; one-year note payable to a local bank for $3,400. No dividends were declared or paid to the stockholders during the year. 1 points eBook 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation (Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings) to solve for net income.) Hint Amount of net income Print References