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On January 1, 2012, Lee Inc

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On January 1, 2012, Lee Inc. reported owner's equity of $130,000. During the year they experienced a net loss of $30,000 and owner's drawings of $20,000.

On December 31, 2012, the amount in owner's equity is:

a. $130,000

b. $140,000

c. $180,000

d. $80,000