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Your Company's balance sheet reported common stock of $5,000 and retained earnings of $4,000 on January 1, 2021. Retained earnings on the December 31, 2021

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Your Company's balance sheet reported common stock of $5,000 and retained earnings of $4,000 on January 1, 2021. Retained earnings on the December 31, 2021 balance sheet was $8,500. The company paid a $7,500 dividend during the year. What was net income for 2021? O $12,000 O 516,000 O $ 8,000 O $ 4,000

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