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Stosch Company's balance sheet reported assets of $117,000, liabilities of $30,000 and common stock of $27,000 as of December 31, 2015. If Retained Earnings on

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Stosch Company's balance sheet reported assets of $117,000, liabilities of $30,000 and common stock of $27,000 as of December 31, 2015. If Retained Earnings on the December 31, 2016 balance sheet is $78,000 and Stosch paid a $29,000 dividend during 2016, then the amount of net income for 2016 was which of the following? $47,000 $60,000 $29,000 $18,000

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