Assets and Liabilities for Stan's Garage at the Beginning and End

Assets and liabilities for Stan's Garage at the beginning and end of the current accounting period are as follows: $\begin{array} { l c c } & \text { January 1 } & \text { December 31 } \\ \text { Total assets } & \$ 450,000 & \$ 690,000 \\ \text { Total liabilities } & \$ 325,000 & \$ 440,000 \end{array}$

a) $\text {Determine net income or net loss for the current year. The owner did not invest any additional assets during the year and made no withdrawals.}$
b) $\text {Determine net income or net loss for the current year. The owner invested an additional \(\$ 100,000\) of assets into the business during the year and made no withdrawals.}$