The ABC Company began business on January 1, with an owner investment of $60,000. Assuming that:
a. the owner made an additional investment of $150,000, and
b. the owner took withdrawals of $40,000 during the year, and
c. total assets amounted to $460,000 at year-end, and
d. total liabilities amounted to $350,000 at year-end.
Determine the net income or net loss for the current year
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