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Financial Capital Maintenance The company had the following total asset and total liability balances at the beginning and the end of the year: Beginning Ending
Financial Capital Maintenance
The company had the following total asset and total liability balances at the beginning and the end of the year:
| Beginning | Ending |
Total assets | $400,000 | $625,000 |
Total liabilities | 230,000 | 280,000 |
During the year, the company received $100,000 in new investment funds contributed by the owners. Using the financial capital maintenance concept, determine the companys income for the year.
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