At december 31, 20x5, salo corp.'s balance sheet accounts increased by the following amounts compared with those at the end of the prior year: assets $178,000 liabilities 54,000 capital stock 120,000 additional paid-in capital 12,000 the only charge to retained earnings during 20x5 was for a dividend payment of $26,000. net income for 20x5 amounted t

$18000

Explanation:

Owners Equity of the year = 124,000

Contributed capital = APIC+Capital stock

Increase in contributed capital = 120,000+12,000= 132,000

Firm pays dividend of 26,000

Contributed capital+ NI- Dividend = Final Equity

132,000 + NI - 26,000 = 124,000

NI = 124,000-132,000+26,000

NI = 18,000

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