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Before the above adjustments for THE DATA INCUBATOR were recorded, the balance sheet showed a cash balance of $90,000 and retained profits of $135,000. You

Before the above adjustments for THE DATA INCUBATOR were recorded, the balance sheet showed a cash balance of $90,000 and retained profits of $135,000. You are required to calculate the updated balances for cash and retained profits that would be shown in the financial statements for THE DATA INCUBATOR. You should show all workings (include both account name and amounts). (10 marks)

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