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The Arcadia company reported the following financial results during its first two years of operations: Year End Assets = Liabilities + Shareholders Equity Year 1.....

The Arcadia company reported the following financial results during its first two years of operations:

Year End Assets = Liabilities + Shareholders Equity

Year 1..... 80,000 =$60,000 + 20,000

Year 2.... 70,000. =40,0000 +30,000

Assuming that no dividends were declared and that no additional capital was invested in Year 2. What was Arcadia's net income ( or loss) for year 2?

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