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ive tried this a few times and keep getting stuck The comparative financial statements prepared at December 31, 2014, for Pinnacle Plus showed the following

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The comparative financial statements prepared at December 31, 2014, for Pinnacle Plus showed the following summarized data: 2014 2013 Income Statement Sales Revenue Cost of Goods Sold $112,000 $101,000 48,800 52,800 Gross Profit Operating Expenses Interest Expense 59,200 36,600 4,200 52,200 33,600 4,200 Income before Income Tax Expense Income Tax Expense (30%) 18,400 14,400 5,520 4,320 Net Income $ 12,880 10,080 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $54,687 17,500 39000 33.000 26,000 40,000 99.000 109,000 Total Assets $218,687 $199,500 Accounts Payable Income Taxes Payable Note Payable, Long-Term $50,887 38,280 520 42,000 42,000 1,020 Total Liabilities Contributed Capital (9,100 93,907 80,800 91000 91,000 33,78027,700 shares) Retained Earningst Total Liabilities and Shareholders' Equity $218,687 $199,500 One-half of all sales are on credit. t During 2014, cash dividends amounting to $6,800 er deraed and

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