A Company Reported the Following Asset and Liability Balances at the End

question 2

Multiple Choice

A company reported the following asset and liability balances at the end of 2009 and 2010: $$\begin{array} { l r r } & 2009 & 2010 \\\text { Total Assets } & \$ 6,800,000 & \$ 7,600,000 \\\text { Total Liabilities } & 3,200,000 & 3,600,000\end{array}$$ During 2010,cash dividends of $50,000 were declared and paid,and common stock was issued for $100,000.How much was the 2010 net income?

• A)$400,000
• B)$480,000
• C)$350,000
• D)$300,000