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Cullumber Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 Assets $492,000 Liabilities $244,000 2020 Assets
Cullumber Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2019 Assets $492,000 Liabilities $244,000
2020 Assets $552,000 Liabilities $294,000
2021 Assets $682,000 Liabilities $394,000
Cullumber began business on January 1, 2019, with an investment of $90,000.
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(b)2020, assuming Cullumber made an additional investment of $42,000and had no drawings in 2020.
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