University of Mississippi Fin Fin 201 As of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of $926,219 and liabilities of $270,710. During Year 2,
Plains Company has assets of $926,219 and liabilities of $270,710. During Year 2, stockholders invested an additional $28,335 and received $25,518 in dividends from the business. What is the amount of net income during Year 2, assuming that as of December 31, Year 2, assets were $988,294 and liabilities were $231,195?
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