On January 1, 2014, Affleck Company Reported Equity of $470,000

Multiple Choice

On January 1, 2014, Affleck Company reported equity of $470,000. During the year, the company paid dividends of $20,000. At December 31, 2014, the amount of equity was $520,000. What amount of net income or net loss would the company report for 2014?

A) Net income of $50,000
B) Net loss of $70,000
C) Net income of $30,000
D) Net income of $70,000