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At the end of its fifth year of operations, Lockerbie and Role Company has total assets of $5,200,000 and total liabilities of $1,200,000. The owner

At the end of its fifth year of operations, Lockerbie and Role Company has total assets of $5,200,000 and total liabilities of $1,200,000. The owner originally invested $1,000,000 in the business, but has not made any further investments or taken any withdrawals. What is the fifth year's net income for Lockerbie and Role Company?

Select one:

a. $1,600,000.

b. $1,800,000.

c. $1,000,000.

d. $3,000,000.

Clear my choice

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