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Required: Calculate the net income earned during the year. Assume that the change to shareholders’ equity results only from net income earned during the year.
|
Assets |
Liabilities |
|
|
Balance Jan. 1, 2015 |
$50,000 |
$40,000 |
|
Balance Dec. 31, 2015 |
40,000 |
20,000 |
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