Ken Young and Klm Sherwood organized Reader Direct as a corporatlon: each contrlbuted $57.000 cash to start the buslness and recelved 4,000 shares of stock. The store completed Its first year of operatlons on December 31, 2014. On that date, the following financlal Items for the year were determined: Cash on hand and In the bank, $52,500; amounts due from customers from sales of books, $28.700: equlpment, $56,000; amounts owed to publishers for books purchased, $9, 200, one-year note payable to a local bank for $5.550. No dividends were declared or pald to the stockholders during the year. Value: 10.00 .Using the retained earnings equation and an opening balance of $0, compute the amount of net income for the year ended December 31, 2014
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