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?Jazz Inc. has the following statements of retained earnings for the years ended December 3 1 , 2 0 0 8 ?to December 3 1

?Jazz Inc. has the following statements of retained earnings for the years ended December 31,2008 ?to December 31,2010.
2010
2009
2008
2007
Statement of Retained Earnings
Retained earnings, 1/1
________
________
300,000
Net income (loss)
(75,000)
________
100,000
Dividends paid
________
56,000
45,000
Retained earnings, 12/31
290,000
400,000
________
300,000
Jazz Inc. has the following condensed balance sheets as at December 31 ?from 2008 ?to 2010.
2010
2009
2008
Condensed Balance Sheet
Current assets
150,000
________
125,000
Property, plant, and equipment
700,000
800,000
635,000
Other assets
40,000
50,000
________
Total assets
________
________
________
Current liabilities
100,000
________
89,000
Long-term debt
________
400,000
250,000
Total liabilities
400,000
550,000
________
Common shares
________
________
________
Retained earnings
________
________
________
Total shareholders ?equity
________
________
________
Total liabilities and shareholders ?equity
________
________
________
Required:
(a)Complete the statement of retained earnings for each year from 2008 ?to 2010.
(b)Complete the balance sheet for each year from 2008 ?to 2010, ?given that the common shares balance for Jazz Inc. was $200,000 ?in all three years.

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