Question
High Adventure Company reported the following amounts on its balance sheet (in thousands) for Year 1 and Year 2: Year End Assets Liabilities Shareholders' Equity
High Adventure Company reported the following amounts on its balance sheet (in thousands) for Year 1 and Year 2:
| Year End | Assets | Liabilities | Shareholders' Equity |
| Year 1 | $136,000 | $70,000 | $66,000 |
| Year 2 | 162,000 | 56,000 | 106,000 |
No dividends were declared and no additional investments of capital were made in the company during Year 2. What is the company's net income for Year 2?
Select one:
A. $12,000,000
B. $40,000,000
C. $86,000,000
D. Not enough information is provided to determine the answer
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Advanced Management Accounting
Authors: Maurice L. Hirsch Jnr.
2nd Edition
1861526768, 978-1861526762
