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Exercise 4-7 The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an incom Rent revenue

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Exercise 4-7 The accountant of Latifa Shoe Co. has compiled the following information from the company's records as a basis for an incom Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $30,020 19,020 32,020 115,820 18,620 38,420 136,920 52,720 497,020 981,020 66,020 17,020 There were 19,000 shares of common stock outstanding during the year

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