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Exercise 1-26B Prepare financial statements covering two accounting cycles Amelia Company experienced the following events during its first- and second-year operations: Year 1 Transactions:

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Exercise 1-26B Prepare financial statements covering two accounting cycles Amelia Company experienced the following events during its first- and second-year operations: Year 1 Transactions: 1. Acquired $75,000 cash from the issue of common stock. 2. Borrowed $28,000 cash from the National Credit Union. 3. Earned $72,000 of cash revenue.

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