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 Marlborough Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased by $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, stockholders' equity totaled $402,000. Assuming that is all the information that is needed, calculate net income or loss for the year.

A. 237,000

B. 105,000

C. 85,000

D. 145,000

Reference no: EM133039895

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