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  3. 2. craft corporation's retained earnings decreased

2. Craft Corporation's retained earnings decreased by $20,000 during the year ended December 31,201. The...

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2. Craft Corporation's retained earnings decreased by $20,000 during the year ended December 31,201. The company also reports the following information for the year ended December 31,201 : - Total Assets =$1,000,000 - Total Liabilities =$400,000 - Common Stock =$500,000 - Retained Earnings = ? - Dividends =$15,000 Assuming all the relevant facts are provided, compute net income for the year ended December 31 , 20X1. Assume the only two accounts under Shareholder's Equity are Retained Earnings and Common Stock. (1 point)

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