Stosch Company's balance sheet reported assets of $127,000, liabilities of $32,000 and common stock of $29,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2, amount to $86,000 and Stosch paid a $31,000 dividend during Year 2, then the amount of net income for Year 2 was which of the following?
A. $51,000
B. $66,000
C. $31,000
D. $20,000
Answer: A
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