The statement of stockholders' equity for Jutras Corporation shows an increase in the Common Stock account of $8,000, an increase in Additional Paid-in Capital--Common in the amount of $22,000, and an increase in Retained Earnings of $50,000 . If the stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?
a. $40,000
b. $50,000
c. $60,000
d. $90,000
c
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a. True b. False Indicate whether the statement is true or false
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