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    Juan Company: Net Income

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    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

    Compute the net income for the year.

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    This solution calculates the net income for Juan Company based on the information given.