=+ (c) Cantone purchases goods for resale (stock) costing 75. This was a credit Purchase. (d)Old machinery

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(c) Cantone purchases goods for resale (stock) costing £75. This was a credit Purchase.

(d)Old machinery is sold for £100 in cash; the book value was £250.

(e) It is decided to correct the valuation of stock on 1st March, 1962, reducing it by £320.

(f) Goods were sold on credit for £190 (cost price £145).

Show Cantoneas Balance Sheet as it would appear on 2nd March, 1962, after the transactions, as noted, had been recorded.

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