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Z Company reports the following balance sheet information for 2011: 1 January 2011 31 December 2011 Assets $60 000 $70 000 Liabilities $12 000 $14

Z Company reports the following balance sheet information for 2011: 1 January 2011 31 December 2011 Assets $60 000 $70 000 Liabilities $12 000 $14 000 Assuming the capital contribution made by the owners during 2011 was $3000 and withdrawals were $12000, profit for 2011 must have been: a) $17 000 b) $14000 c) $16 000 d) $12000

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