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Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Kindly help me with financial accounting question

Transcribed Image Text:Calculate the net income earned during the year. Assume
that the change to shareholder's equity results only from
net income earned during the year.
Assets
Liabilities
Balance, Jan. 1, 2015
$112,500 $90,000
Balance, Dec. 31, 2015 $90,000 $45,000
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