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Income Statement DrCr $72,000 Balance Sheet $48,000 560.000 $4,000 Totals The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the

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Income Statement DrCr $72,000 Balance Sheet $48,000 560.000 $4,000 Totals The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: The net income (or loss) for the period is $48,000 income. $24,000 income. $24,000 loss. not determinable

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