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During the year, withdrawals totalled $2,500 and the business had a net income of $10,500.

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4) As of January 1, L. Moore, Capital had a credit baalnce of $24,100. During the year, withdrawals totalled $2,500 and the business had a net income of $10,500. Calculate the balance of S. Lawrence, Capital as of the end of the year.
5) Why do we need the Accumulated Depreciation account?

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