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The
Debits | Credits | |||||
---|---|---|---|---|---|---|
Cash |
$295,000 | |||||
Sales revenue |
$10,299,000 | |||||
FV-NI investments (at fair value) |
323,000 | |||||
Cost of goods sold |
6,400,000 | |||||
Bond investment at amortized cost |
429,000 | |||||
FV—OCI investments (fair value $445,000) |
378,000 | |||||
Notes payable (due in six months) |
99,000 | |||||
Accounts payable |
805,000 | |||||
Selling expenses |
2,460,000 | |||||
Investment income or loss* |
11,000 | |||||
Land |
320,000 | |||||
Buildings |
2,940,000 | |||||
Dividends payable |
56,000 | |||||
Income tax payable |
106,000 | |||||
|
705,000 | |||||
|
232,000 | |||||
Allowance for doubtful accounts |
37,000 | |||||
Administrative expenses |
930,000 | |||||
Interest expense |
251,000 | |||||
Inventory |
767,000 | |||||
Gain on disposal of land |
60,000 | |||||
Dividends |
50,000 | |||||
Notes payable (due in five years) |
930,000 | |||||
Equipment |
770,000 | |||||
Bonds payable (due in three years) |
3,000,000 | |||||
Accumulated depreciation—equipment |
61,000 | |||||
Intangible assets—franchises (net) |
250,000 | |||||
Common shares |
969,000 | |||||
Intangible assets—patents (net) |
225,000 | |||||
|
731,000 | |||||
Accumulated other comprehensive income |
97,000 | |||||
Totals |
$17,493,000 | $17,493,000 |
* The investment income or loss relates to the FV-NI investments.
(a)
Prepare a classified
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