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Following are the total assets and liabilities at the beginning and end of the year for Maren Company. Beginning of Year:Assets:80,000,Liabilities:35,000 End of year:Assets:118,000,Liabilitites:40,000 Determine

Following are the total assets and liabilities at the beginning and end of the year for Maren Company.

Beginning of Year:Assets:80,000,Liabilities:35,000

End of year:Assets:118,000,Liabilitites:40,000

Determine the net income or loss for the year in each of the following situations:

a. The owner made no investments in the business and no withdrawals were made during the year.

b. The owner made an investment of 20,000 and withdrew 12,000 during the year.

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