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The Big Spring Bike Co. had retained earnings of $742,000 on Jan. 1, 2018. The firm paid common stock dividends of $48,750 during the year

The Big Spring Bike Co. had retained earnings of $742,000 on Jan. 1, 2018. The firm paid

common stock dividends of $48,750 during the year (there is no preferred stock) and ended the

year with retained earnings of $850,000. Calculate the amount of net income earned by the

company during 2018.

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