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Following are the total assets and liabilities at the beginning and end of the year for Maren Company.
Beginning of Year:Assets:80,000,Liabilities:35,000
End of year:Assets:118,000,Liabilitites:40,000
Determine the net income or loss for the year in each of the following situations:
a. The owner made no investments in the business and no withdrawals were made during the year.
b. The owner made an investment of 20,000 and withdrew 12,000 during the year.
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