Presented below is certain information pertaining to Juan Company
Assets, January 1 $240,000
Assets, December 31 230,000
Liabilities, January 1 150,000
Common stock, December 31 80,000
Retained earnings, December 31 31,000
Common stock sold during the year 10,000
Dividends declared during the year 13,000
Using the "capital maintenance" approach compute the net income for the year
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