Michigan Company Has the Following Data Available Dividends of $20 Were Declared on December 1,2012

question 29

Multiple Choice

Michigan Company has the following data available:
$\begin{array}{lll}&\text { December } & \text { December } \\&31,2011 & 31,2012\\\text { Fixed Assets } & \$ 125 & \$ 125 \\\text { Accumulated Depreciation } & \$ 110 & \$ 117 \\\text { Long-term debt } & \$ 125 & \$ 5 \\\text { Commonstock } & \$ 300 & \$ 400 \\\text { Retained earnings } & \$ 100 & \$ 120\end{array}$
Dividends of $20 were declared on December 1,2012.What is the net income for the year ended December 31,2012?

• A) $10
• B) $20
• C) $30
• D) $40

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