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P 10-8 The balance sheet for December 31, 2011, income statement for the year ended December 31, 2011, and the statement of cash flows for

P 10-8 The balance sheet for December 31, 2011, income statement for the year ended December 31, 2011, and the statement of cash flows for the year ended December 31, 2011, of Bernett Company are shown in the following balance sheet.

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