Exercise 1-10 Your answer is incorrect.   Iverson Company had the following assets and liabilities on the dates indicated. December 31  Total Assets  Total Liabilities2013 $463,472 $271,3182014 $523,472 $321,3182015 $653,472 $421,318 Iverson began...

Iverson Company had the following assets and liabilities on the dates indicated.

December 31		Total Assets		Total Liabilities
2013		$463,472		$271,318
2014		$523,472		$321,318
2015		$653,472		$421,318

Iverson began business on January 1, 2013, with an investment of $91,494.

From an analysis of the change in owner’s equity during the year, compute the net income (or loss) for:

(a) 2013, assuming Iverson’s drawings were $23,070 for the year.

Net income for 2013

$[removed]711720

(b) 2014, assuming Iverson made an additional investment of $42,680 and had no drawings in 2014.

Net loss for 2014

$[removed]887470

(c) 2015, assuming Iverson made an additional investment of $18,749 and had drawings of $18,364 in 2015.

Net income for 2015

$[removed]1105175