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Michigan Company has the following data available: December December 31, 2011 31.2012 Fixed Assets Accumulated Depreciation Long-term debt Common stock Retained earnings $125 $125 $110

Michigan Company has the following data available: December December 31, 2011 31.2012 Fixed Assets Accumulated Depreciation Long-term debt Common stock Retained earnings $125 $125 $110 $117 $125 $5 $300 $400 $100 $120 Dividends of $20 were declared on December 1, 2012. What is the net income for the year ended December 31, 2012? A. $30 B. $40 C. $20 D. $10

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