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Following is the balance sheet amounts at the beginning of the year: Total assets $600 Total stockholder's equity $280 During the year, total assets increased

Following is the balance sheet amounts at the beginning of the year:

Total assets $600
Total stockholder's equity $280

During the year, total assets increased by $100 and total liabilities decreased by $50. The company also paid $12 in dividends. No other contributed capital transactions occurred (that is total stockholders' equity = ending retained earnings). How much is net income for the year?

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