As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $909,420 and liabilities of $275,007. During Year 2, stockholders invested an additional $28,511 and received $25,150 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $988,439 and liabilities were $238,779?

ANSWERS:

a) $36,228

b) $111,886

c) $79,019

d) $25,150