Answer:
The net income for the year is $ 361.
Explanation:
This question requires us to calculate net income for the year. The entries that hit retain earning account is given in the problem. It is mentioned in the question that retain earning decreases by 123 dollars. We know that addition in retain is earning is due to net income and decrease in retain earning is due net loss or dividend payment. So
net income = $ 484 -$ 123 = $ 361
