Archer Co Had the Following Assets and Liabilities at the Beginning

Essay

Archer Co. had the following assets and liabilities at the beginning and end of the current year:


$\begin{array} { l l l } & \text { Assets } & \text { Liabilities } \\\text { Beginning of the year } & \$ 114,000 & \$ 68,000 \\\text { End of the year } & 135,000 & 73,000\end{array}$

If $12,000 of common stock was issued during the year, and the business paid $5,000 in dividends during the year, what was the amount of net income earned by Archer Co.?