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Summarized financial statements for Butterfield Inc. (BI) appear below:

Butterfield Inc.

Comparative Balance Sheets

December 31

2011

2010

Assets

Cash

$102,700

$47,250

Accounts receivable

80,800

37,000

Inventory

111,900

102,650

Prepaid expenses

94,500

107,000

Property, plant and equipment

290,000

205,000

Accumulated depreciation

(49,500)

(40,000)

$630,400

$458,900

Liabilities and shareholders equity

Accounts payable

$62,700

$48,280

Accrued expenses payable

12,100

18,830

Notes payable, due December 31, 2015

140,000

70,000

Preferred shares

40,000

40,000

Common shares

200,000

160,000

Retained earnings

175,600

121,790

$630,400

$458,900

Butterfield Inc.

Statement of Earnings

Year Ended December 31, 2011

Sales

$307,500

Gain on sale of equipment

8,750

316,250

Expenses

Cost of goods sold

99,460

Operating expenses

24,670

Depreciation expense

58,700

Interest expense

10,440

193,270

Earnings before income taxes

122,980

Income tax expense

32,670

Net earnings

$90,310