Parker, Inc. had a beginning balance in its Retained Earnings account of $386,400. During the year, the company declared and paid a $4,860 dividend and, at the end of the year, it reported Retained Earnings of $401,460. The company's net income for the year was:

$19,920

Explanation:

Given that,

Beginning balance in retained earnings = $386,400

Dividend declared and paid = $4,860

Ending retained earnings balance = $401,460

Therefore,

Net Income for the year:

= Ending Retained Earnings + Dividend declared and paid - Beginning retained earnings

= $401,460 + $4,860 - $386,400

= $19,920

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