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7 (Mandatory) (2.5 points) Lankston Company began the year by issuing $120,000 of common stock...

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Accounting

7 (Mandatory) (2.5 points) Lankston Company began the year by issuing $120,000 of common stock for cash. The company recorded revenues of $1,100,000, expenses of $960,000, and paid dividends of $60,000. What was Lankston's net income for the year? $80,000 $200,000 $140,000 $260,000

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