Exhibit 2-1 Refer to Exhibit 2-1

Exhibit 2-1 $\begin{array}{lll}\text { Total Liabilities } & \text { Total Assets } & \\\$ 60,000 & \$ 100,000 & \text { Beginning of the year } \\\$ 325,000 & \$ 500,000 & \text { End of the year }\end{array}$

Refer to Exhibit 2-1. What is net income, assuming no stock was issued and dividends of $25,000 were paid?

A) $110,000
B) $150,000
C) $160,000
D) $200,000

Correct Answer:

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