During its first year of operations, the owner of Roseland Company personally invested $25,000 in the corporation in exchange for common stock and paid dividends of $5,000. The company earned $68,000 of revenues and incurred $32,000 of expenses. At the end of the year, the company owed $24,000 to its creditors. At the end of the year, the company's assets totaled:
a. $20,000
b. $36,000
c. $80,000
d. $154,000
Answers: 1
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