Colby Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year, and assets of $400,000 and liabilities of $140,000 at the end of the year. During the year, there was an investment of $40,000 in the business and the company paid dividends of $48,000. What amount of net income did the company earn during the year?
|
$260,000 |
|
$160,000 |
|
$100,000 |
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$108,000 |
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($8,000) |