The following changes in Vel Corp.’s account balances occurred during 2006:
align=”left”>
|
Increase |
|
|
Assets |
$89,000 |
|
Liabilities |
27,000 |
|
Capital stock |
60,000 |
|
Additional paid-in capital |
6,000 |
Except for a $13,000 dividend payment and the year’s earnings, there were no changes in retained earnings for 2006. What was Vel’s net income for 2006?
- $ 4,000
- $ 9,000
- $13,000
- $17,000