The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals:

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.

Totals $72,000 $44,000 $60,000 $88,000

The net income (or loss) for the period is

$28,000 loss.

$44,000 income

$28,000 income.

not determinable.