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Question(s) / Instruction(s):

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?

a)            $32,735 net income

b)            $37,875 net loss

c)            $5,140 net income

d)            $5,140 net loss

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