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Calculate net income or loss for the year

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Question - At the beginning of the current fiscal year the balance sheet of Mondrop Co. showed liabilities of $760,000. During the year liabilities increased by $20,000, assets increased by $110,000 and paid-in-capital increased by $40,000 to $330,000. Dividends declared and paid during the year were $120,000. At the end of the year stockholders equity totaled $804,000. Calculate net income or loss for the year.

Reference no: EM132823638

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