Michigan Company has the following data available:
$\begin{array}{lll}&\text { December } & \text { December } \
&31,2011 & 31,2012\
\text { Fixed Assets } & \$ 125 & \$ 125 \
\text { Accumulated Depreciation } & \$ 110 & \$ 117 \
\text { Long-term debt } & \$ 125 & \$ 5 \
\text { Commonstock } & \$ 300 & \$ 400 \
\text { Retained earnings } & \$ 100 & \$ 120
\end{array}$
Dividends of $20 were declared on December 1,2012.What is the net income for the year ended December 31,2012?
A) $10
B) $20
C) $30
D) $40

Question

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The Answer of Michigan Company has the following data available:
$\begin{array}{lll}&\text { December } & \text { December } \
&31,2011 & 31,2012\
\text { Fixed Assets } & \$ 125 & \$ 125 \
\text { Accumulated Depreciation } & \$ 110 & \$ 117 \
\text { Long-term debt } & \$ 125 & \$ 5 \
\text { Commonstock } & \$ 300 & \$ 400 \
\text { Retained earnings } & \$ 100 & \$ 120
\end{array}$
Dividends of $20 were declared on December 1,2012.What is the net income for the year ended December 31,2012?
A) $10
B) $20
C) $30
D) $40

Michigan Company Has the Following Data Available Dividends of $20 Were Declared on December 1,2012