The accountant for Orange Line Company is almost finished preparing the work sheet for the year ended August 31, 2014. The totals of the accounts in the income statement and balance sheet columns are presented below. Calculate the profit or loss, write this in the proper columns, and calculate the final totals for these columns. Clearly indicate whether the company had a profit or loss.

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Income Statement Dr. 53,875 Balance Sheet Dr. 55,550 Cr Cr. Totals Profit or loss Totals 43,425 66,000