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Question(s) / Instruction(s):

Allen Marks is the sole owner and operator of Great Marks Company. As of the end of its accounting period, December 31, 2011, Great Marks Company has assets of $901,327 and liabilities of $279,897. During 2012, Allen Marks invested an additional $28,532 and withdrew $25,184 from the business. What is the amount of net income during 2012, assuming that as of December 31, 2012, assets were $989,375, and liabilities were $231,737?

a)            $88,048

b)            $48,160

c)            $25,184

d)            $132,860

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