After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period?
A) $7,800 net income
B) $7,800 net loss
C) $85,300 net income
D) $77,500 net loss
A
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