The balance sheet for Sparky Company at December 31, 2017 indicated that total assets were $25,000 and total
liabilities were $12,800. At December 31, 2018 total assets had increased to $69,000 and total liabilities were $34,000. During 2018, Sparky issued $15,000 in new common stock and paid a $10,000 dividend.
Given this information, determine Net Income for the year ended December 31, 2018 (ignore taxes):
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