Go44 is a motivational consulting business. At the end of its accounting period, December 31, 2015, Go44 has assets of $720,000 and liabilities of\$180,000 . Using the accounting equation andconsidering each case independently, determinethe following amounts:

e. Net Income (or net loss) during 2016, assuming that as of December 31, 2016, assets were $ 880,000, liabilities were$220,000 ,and no additional commonstock was issued ordividendspaid.