Exercise 1-16 Determining profit LO6, 7 A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Beginning of the year Assets $ 76,500 Liabilities $31,000 End of the year 121,000 47,500 Determine the profit earned or net loss incurred by the business during the year under each of the following unrelated assumptions: a. The owner made no additional investments in the business and withdrew no assets during the year. Che b. The owner made no additional investments in the business during the year but withdrew $4,800 per month to pay personal living expenses. c. The owner withdrew no assets during the year but invested an additional $81,000 cash. C d. The owner withdrew $3,600 per month to pay personal living expenses and invested an additional $76,000 cash in the business.