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E1-10 Lily Company had the following assets and liabilities on the dates indicated

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E1-10 Lily Company had the following assets and liabilities on the dates indicated.
31-DecTotal AssetsTotal Liabilities
2007$400,000$250,000
2008$460,000$300,000
2009$590,000$400,000
Lily began business on January 1, 2007, with an investment of $100,000 from stockholders.

Instructions:
From an analysis of the change in stockholders’ equity during the year, compute the net income(or loss) for:
(a) 2007, assuming Lily paid $15,000 in dividends for the year.
(b) 2008, assuming stockholders made an additional investment of $50,000 and Lily paid no dividends in 2008.
(c) 2009, assuming stockholders made an additional investment of $15,000 and Lily paid dividends of $30,000 in 2009.

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