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Exhibit

On March $31,20$Y$9,$ the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, a

Accounts Receivable

Accumulated Depreciation$-$Building

Administrative Expenses

Building

$,$ Cash

Common Stock

Cost of Goods Sold

Dividends

Interest Expense

Inventory

Notes Payable

Office Supplies

Retained Earnings

Salaries Payable

Sales

Selling Expenses

Store Supplies

$$170,000$

$750,000$

$435,000$

$3,500,000$

$80,000$

$300,000$

$5,500,000$

$175,000$

$15,000$

$$980,000$

$250,000$

$20,000$

$1,987,000$

$8,000$

$8,245,000$

$575,000$

$90,000$

a$.$ Prepare a multiple$-$step income statement for the fiscal year ended March $31,20$ Y$9.$

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