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On June 3 0 , Year 3 , Solomon Company s total current assets were $ 5 0 0 , 0 0 0 and its

On June 30, Year 3, Solomon Companys total current assets were $500,000 and its total current liabilities were $278,500. On July 1, Year 3, Solomon issued a short-term note to a bank for $39,200 cash.
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