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- + Automatic Zoom Exercise 1-10 Your answer is correct. Iverson Company had the following assets and liabilities on the dates indicated. December 31 2013 2014 2015 Total Assets $474,207 $534,207 $664,207 Total Liabilities $272,708 $322,708 $422,708 Iverson began business on January 1, 2013, with an investment of $98, 106. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2013, assuming Iverson's drawings were $19,655 for the year. $ Net income for 2013 123,048