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1. From the following information for the year 2019, prepare an income statement and a statement of shareholders' equity, under GAAP rules, for a company

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1. From the following information for the year 2019, prepare an income statement and a statement of shareholders' equity, under GAAP rules, for a company with shareholders equity at the beginning of 2019 of 3,270 million. Amounts are in millions. Sales 4,458 Common dividends paid 140 Selling expenses 1,230 Research and development costs 450 Cost of goods sold 3,348 Share issues 680 Unrealized gain on securities available for sale 76 Income taxes (200) Also calculate comprehensive income and net payout. Income taxes are negative. How can this be? IE

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