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Additionalinformation a . A $ 4 5 , 0 0 0 note payable is retired at its $ 4 5 , 0 0 0 carrying

Additionalinformation
a. A $45,000 note payable is retired at its $45,000 carrying (book) value in exchange for cash.
b. The only changes affecting retained eamings are net income and cash dividends paid
c. New equ pment is acquired for $70,000cash.
d. Recelved cash for the sale of equipment that had cost $58,000, yleiding a $3,900 gain.
e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit.
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