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Presented below is certain information pertaining to Edson Company. Assets, January 1 $247,670 Assets, December 31 233,920 Liabilities, January 1 139,300 Common stock, December 31
Presented below is certain information pertaining to Edson Company.
| Assets, January 1 | $247,670 | ||
| Assets, December 31 | 233,920 | ||
| Liabilities, January 1 | 139,300 | ||
| Common stock, December 31 | 81,700 | ||
| Retained earnings, December 31 | 41,190 | ||
| Common stock sold during the year | 11,000 | ||
| Dividends declared during the year | 12,970 |
Compute the net income for the year.
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