Transcribed image text: 1) A company was incorporated on January 2, 2009, when $30,000 of capital stock was issued to investors. No additional stock was issued during the year ended December 31, 2009. On December 31, 2009, the value of the company's total assets amounted to $116,000; its total liabilities were $74,000. Dividends of $6,000 were declared and paid during the year 2009. On December 31, 2010, the value of the company's net assets amounted to $56,000. During the year ended December 31, 2010, capital stock amounting to $5,000 was issued to new investors, and dividends of $8,000 were declared and paid. Based on the above information, which of the following is not a correct statement: A) The net income for the year ended December 31, 2009, was $18,000. B) The reported value of net assets at December 31, 2009, was $42,000. C) The net income for the year ended December 31, 2010, was $17,000. D) If total assets were $176,000 at December 31, 2010, total liabilities at December 31, 2010, were $117,000. E) The reported value of capital stock at December 31, 2010, was $35,000