As of the end of its accounting period, December 31, Year 1, Great Plains Company...
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Accounting
As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $950,000 and liabilities of $320,000. During Year 2, stockholders invested an additional $70,000 and received $30,000 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $995,000 and liabilities were $280,000?
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