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Let's assume the balance of owner's equity at the beginning of the year and the end of the year was $40,000 and $63,000, respectively. The

Let's assume the balance of owner's equity at the beginning of the year and the end of the year was $40,000 and $63,000, respectively. The company received no new contributions during the year. Owner's withdrawals were $20,000. What was the net income or loss for the year?

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