Question: Merit Logistics's balance sheet data are shown below: .........January 1, 2017. December 31, 2017 Total assets $300,000 $420,000 Total liabilities..260,000. 340,000 Required 1. Compute the

Merit Logistics's balance sheet data are shown below:

………………………….........………January 1, 2017…………. December 31, 2017

Total assets…………………………… $300,000…………………… $420,000

Total liabilities…………………………..260,000……………………. 340,000

Required

1. Compute the amount of net income or net loss for the company during the year ended December 31, 2017, if the owner invested $50,000 in the business and withdrew $30,000 during the year. Show all calculations.

2. Prepare the statement of owner's equity for Sandy Merit, the owner of Merit Logistics, for the year ended December 31, 2017.

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