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Gain on sale of building, 1 0 / 1 / X 3 - 0 - 3 0 , 0 0 0 Net income $ 7
Gain on sale of building, X
Net income $E
Retained earnings, X $E
Net income
Dividends
Retained earnings, X $E
Cash and receivables $E
Inventory
Prepaid expenses
Investment in Simbel initial value
Property, plant, and equipment net
Total assets $E
Accounts payable $E
Notes payable due in X
Common stock
Additional paid in capital
Retained earnings, X
Total liabilities and equities $E
Additional Information
During X the first year of joint operation, Simbel reported income of E earned evenly throughout the year. Simbel declared a dividend of E to Acme on June of that year. Simbel also declared the X dividend on June
On December X Simbel classified a E expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of X
The exchange rates for E are as follows:
January X
June X
Weighted average rate for X
December X
June X
October X
Weighted average rate for X
December X
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