the balance ofMorgan, Capital at the beginning of the year and the end of the year was $ 60,000

and $60,000, respectively. There were no new capital contributions during the year. Owner withdrawals were $ 20,000

$23,000. What was the net income or loss for theyear?

A.

Net income of $83,000

B.

Net income of $23,000

C.

Net loss of $83,000

D.

Net loss of $23,000