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Exercise 1-10 Novak Corp. had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $464,000 $312,000 2020 $544,000

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Exercise 1-10 Novak Corp. had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2019 $464,000 $312,000 2020 $544,000 $362,000 2021 $674,000 $462,000 Novak began business on January 1, 2019, with an investment of $98,000 from stockholders. From an analysis of the change in stockholders' equity during the year, compute the net income (or loss) for: (a) 2019, assuming Novak paid $17,000 in dividends for the year. Net income (loss) for 2019 $ (b) 2020, assuming stockholders made an additional investment of $40,000 and Novak paid no dividends in 2020. Net income (loss) for 2020 $ (c) 2021, assuming stockholders made an additional investment of $22,000 and Novak paid dividends of $26,000 in 2021. Net income (loss) for 2021 $ $

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