Question

The following account balances relate to the stockholders’ equity accounts of Novak Corp. at year-end. 2025 2024 Common stock, 11,040 and 10,540 shares, issued and outstanding, respectively, for 2025 and 2024 $168,360$147,560 Preferred stock, 4,780 shares, issued and outstanding 109,940109,940 Retained earnings 303,150256,320 A small stock dividend was declared and issued in 2025. The market price of the shares issued was $9,510. Cash dividends of $19,580 were declared and paid in both 2025 and 2024. The common stock and preferred stock have no par or stated value. (a) Your answer is incorrect. What was the amount of net income reported by Novak Corp. in 2025?

          The following account balances relate to the stockholders’ equity accounts of Novak Corp. at year-end.
2025
2024
Common stock, 11,040 and 10,540 shares, issued
and outstanding, respectively, for 2025 and 2024
$168,360$147,560
Preferred stock, 4,780 shares, issued and outstanding
109,940109,940
Retained earnings
303,150256,320
A small stock dividend was declared and issued in 2025. The market price of the shares issued was $9,510. Cash dividends of $19,580 were declared and paid in both 2025 and 2024. The common stock and preferred stock have no par or stated value.
(a)
Your answer is incorrect.
What was the amount of net income reported by Novak Corp. in 2025?

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