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On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for
On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in owner's equity during the year.) Amber: No additional owner investments and no owner withdrawals were made. Blue: No additional owner investments, but the owner withdrew $60,000. Coral: The owner invested an additional $140,000 in the business and made no withdrawals. Daffodil: The owner invested an additional $140,000 in the business and withdrew $60,000
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