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Question(s) / Instruction(s):

During 2009, Stephens Corporation had an increase in total assets of $70,000 and an increase in total liabilities of $90,000. Assuming that capital stock increased by $5,000 and no dividends were paid, calculate Stephens’s net income or net loss for 2009.

a. Net loss of $15,000

b. Net loss of $20,000

c. Net loss of $25,000

d. Net income of $15,000

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