A nonprofit organization had the following transactions in the year 2022:

Donations received: $50,000
Grant received: $25,000
Program expenses: $30,000
Administrative expenses: $10,000
Fundraising expenses: $5,000
Investment income: $2,000
Calculate the following for the nonprofit organization:

a) Total revenue
b) Total expenses
c) Net income
d) Net assets at the end of the year

Assume that the nonprofit organization had no liabilities.

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