Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation Show me the steps to solve Smart Students Inc paid out $33.4million intotal common dividends and reported $198.9million of retainedearnings at year - end. The prior year's retained earnings were $122.5million. What was the net income? Assume that all dividends declaredwere actually paid.

Computation of the net income for the year: Net income less any declared dividends for the period…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Show me the steps to solve Smart Students Inc paid out $33.4million in total common dividends and reported $198.9million of retained earnings at year - end. The prior year's retained earnings were $122.5 million. What was the net income? Assume that all dividends declared were actually paid.