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At December 31, Year 1, Sea the World Cruises, Inc.'s assets were $50,000 and liabilities were $40,000. At December 31, Year 2, its assets are
At December 31, Year 1, Sea the World Cruises, Inc.'s assets were $50,000 and liabilities were $40,000. At December 31, Year 2, its assets are $120,000 and liabilities are $50,000. During the year, it did not issue new stock, and it declared and paid $100 dividend. Calculate net income for Year 2.
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