The ABC Company began business on January 1, with an owner investment of $60,000. Assuming that: the owner made an additional investment of $150,000,...

The ABC Company began business on January 1, with an owner investment of $60,000. Assuming that:

a. the owner made an additional investment of $150,000, and

b. the owner took withdrawals of $40,000 during the year, and

c. total assets amounted to $460,000 at year-end, and

d. total liabilities amounted to $350,000 at year-end.

Determine the net income or net loss for the current year.