Calculation of net income from the change in stockholders' equity.
Presented below is certain information pertaining to Edson Company.
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Assets, January 1
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$240,000
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Assets, December 31
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230,000
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Liabilities, January 1
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150,000
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Common stock, December 31
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80,000
|
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Retained earnings, December 31
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31,000
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Common stock sold during the year
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10,000
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Dividends declared during the year
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13,000
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Compute the net income for the year.