The Statement of Stockholders' Equity Shows an $8,000 Increase in the Common

Short Answer

The statement of stockholders' equity shows an $8,000 increase in the common stock account, a $22,000 increase in the paid-in capital in excess of par--common stock account, and a $100,000 increase in retained earnings. If the common stock has a par value of $3 and dividends of $10,000 were declared and paid during the year, what is the amount of net income for the year?
a.$90,000
b.$100,000
c.$110,000
d.$140,000