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1. Assume the events for the pre-opening period ended October 31, 2014 have been recorded correctly and are reected in the beginning balances in the

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1. Assume the events for the pre-opening period ended October 31, 2014 have been recorded correctly and are reected in the beginning balances in the T-accounts worksheet provided. Record the events for the two months of operations ended December 31, 2014 in the T- accounts provided. Note that you will have to add some new accounts. Also note that it may be helpful to write out journal entries even though they are not required and will not be graded. You may ignore taxes. 2. Prepare the following nancial statements: a. Income statement for the period ended December 31, 2014 b. Balance sheet at December 31, 2014 3. Briey comment on Impact Imports performance during this period. Do you think Drew and Suzanne should continue their business

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