The changes in account balances for Elder Company for 2021 are net income will be $160000
We have given debt common stock = $680000
Credit liabilities = 350000
Credit paid in capital = 190000
And an excess of par 30,000 credit Assuming the only changes in retained earnings
So 680000 = 350000+190000+30000+ retained earning
<h3>What is the net income?</h3>
Net income is an entity's income minus the cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.
So retained earning = $110000
Dividend paid = $50000
So Net income = dividend paid + retained earning
Net income = $110000+$50000
Net income = $160000
So option (c) will be the correct answer.
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