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Riley Company borrowed $34,000 on April 1, Year 1 from Titan Bank. The note issued...

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Finance

Riley Company borrowed $34,000 on April 1, Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 4% annual interest rate. Riley earned cash revenues of $1,000 during Year 1 and $800 during Year 2. Assume no other transactions. Based on this information alone, what is the amount of net income (loss) that will be reported on the Year 2 income statement?

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