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Additional Information A $ 4 5 , 0 0 0 note payabie is retired at its $ 4 5 , 0 0 0 cairyng (
Additional Information
A $ note payabie is retired at its $ cairyng book value in ewchange far cash.
b The only changes affecting relained earnings are net income and cash ciMondende paid.
c New equyment is acquired for $ cash.
d Recelved casit for the sair of equpment that had cost $ yeiding a $ gain.
e Prepaid Expenses and Wages Payabie relate to Other Expenses on the income shatement.
f Ail purchases and sales of inventory are on credt.
Using the income statement, the comparative balance sheet, and the acditional information given abuve, recrosifruct the entries for
ther summarined activity of the current fiscal year. Upan completion, the irlal balance tab should agree with the June
bulances.
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