Question 15 3 pts A company reported the following asset and liability balances at the end of 2015 and 2016: 2015 2016 Total Assets $6,800,000 $7,600,000 Total Liabilities 3,200,000 3,600,000 During 2016, cash dividends of $50,000 were declared and paid, and common stock was issued for $100,000. What was the amount of net income for 2016? $300,000 $400,000 O $350,000 $480.000