As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $940,000 and liabilities of $320,000. During Year 2, stockholders invested an additional $70,000 and received $30,000 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 $995,000 and liabilities were $250,000? Your Answer: Answer Question 2 (3 points) Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $230,000. The Focus Company initially offered to buy the land for $177,000. The companies settled on a purchase price of $232,000. On the same day, another piece of land on the same block sold for $322,000. Under the cost concept, at what amount should the land be recorded in the accounting records of Focus Company? Your