Lankston Company Began the Year by Issuing $120,000 of Common

question 44

Multiple Choice

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?

• A)$80,000
• B)$200,000
• C)$140,000
• D)$260,000

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