The Fair Market Value of Borke Company's Net Assets Was

question 84

Multiple Choice

The fair market value of Borke Company's net assets was $250,000 and $325,000 at the beginning and end of the year. The book value of the same net assets was $200,000 and $260,000. Revenues for the year were $317,000, and there were no transactions with owners. What is net income for the current year?

• A)$ 60,000
• B)$ 75,000
• C)$377,000
• D)$392,000

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