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At the beginning of the year, Blossom Ltd. had total assets of $576,000 and total liabilities of $336,000. Use this information to answer each of
At the beginning of the year, Blossom Ltd. had total assets of $576,000 and total liabilities of $336,000. Use this information to answer each of the following independent questions. (a) Your answer is correct. If Blossom's total assets increased by $200,000 during the year and total liabilities decreased by $64,000, what is the amount of shareholders' equity at the end of the year? Shareholders' equity \$ eTextbook and Media Attempts: 1 of 3 used (b) During the year, Blossom's total liabilities decreased by $80,000. The company reported net income of $72,000, sold additional shares for $100,000, and did not declare any dividends during the year. What is the amount of total assets at the end of the year? Assets \$
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