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At the beginning of the current fiscal year, the balance sheet of arches Co. showed...

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Accounting

At the beginning of the current fiscal year, the balance sheet of arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000. assets increased by $55,000, and paid-in capital increased by $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, stockholders' equity totaled $402,000. Calculate net income or loss for the year.

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