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2. (TCO 4) Listed below are account balances (in millions of dollars) taken from the records of Symphony Stores. All of these are permanent accounts,

2. (TCO 4) Listed below are account balances (in millions of dollars) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.

Debit

Credit

Accounts receivable-trade

680

Building and equipment

920

Cash-checking

34

Installment receivables

50

Interest receivable

30

Inventory

16

Land

150

Note receivable (long-term)

450

Petty cash funds

5

Prepaid expenses (for coming year)

20

Supplies

8

Trademark

40

Accounts payable-trade

560

Accumulated depreciation

80

Additional paid-in capital, common

485

Allowance for uncollectable accounts

20

Cash dividends payable

30

Common stock, at par

15

Income tax payable

65

Notes payable (long-term)

800

Retained earnings

48

Unearned revenues

40

Cash dividends declared-common

120

Income summary

380

TOTALS

2523

2523

What would Symphony report as total shareholders' equity? Hint: You will need to deduct dividends.

solve this for me please ;)

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