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Homework answers / question archive / The Claremont Company reported the following financial results during its first two years of operations
The Claremont Company reported the following financial results during its first two years of operations.
| Year End | Assets | = | Liabilities | + | Shareholders' Equity |
|---|---|---|---|---|---|
| Year 1 | $116,000 | = | $60,000 | + | $56,000 |
| Year 2 | 125,000 | = | 80,000 | + | 45,000 |
Assuming that no dividends were declared and that no additional capital was invested in Year 2, determine the net income (loss) for the Claremont Company in Year 2.
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