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On December 31, 2017, Ivanhoe Company prepared an income statement and balance sheet, but failed to take into account three adjustments. The balance sheet showed

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On December 31, 2017, Ivanhoe Company prepared an income statement and balance sheet, but failed to take into account three adjustments. The balance sheet showed total assets $144,000, total liabilities $67,200, and stockholders' equity $76,800. The incorrect income statement showed net income of $67,200. The data for the three adjustments were: 1. Salaries and wages amounting to $9,600 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $7,680 was received for two months in advance on December 1. The entire amount was recorded as Unearned Rent Revenue when received. 3. Depreciation expense for 2017 is $8,640. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Item Net Income Total Assets Total Liabilities Stockholders' Equity Incorrect balances $67,200 $144,000 $67,200 $76,800 Effects of: Salaries and Wages Rent Revenue Depreciation Correct balances $

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