Determining Net Income The beginning and ending balances of retained earnings for the year were $53,000 and $75,000 respectively. If dividen payments during the year were $20,000, determine the net income or net loss for the year. O$20,000 net loss O$2,000 net income O$22,000 net income O$42,000 net income

Determining Net Income The beginning and ending balances of retained earnings for the year were $53,000 and $75,000 respectively. If divider payments during the year were $20,000, determine the net income or net loss for the year. $20,000 net loss 52,000 net income $22,000 net income $42,000 net income