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In 2015 Company XYZ (located in Chicago) reported $278,023 in retained earnings on its statements. XYZ operates on a fiscal year beginning in September. According

In 2015 Company XYZ (located in Chicago) reported $278,023 in retained earnings on its statements. XYZ operates on a fiscal year beginning in September. According to statements, in 2016 the company paid $5,927 in dividends and had $95,264 in retained earnings. Estimate the dollar amount of net income for 2016.

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