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Prepare a balance sheet for LMN Corporation with the following information: Assets $75,000 Liabilities $30,000 Equity ? Requirements: Calculate the equity of the company. Present


  • Prepare a balance sheet for LMN Corporation with the following information:

    Assets$75,000
    Liabilities$30,000
    Equity?

    Requirements:

    • Calculate the equity of the company.
    • Present the balance sheet in a tabular format.
    • Explain the significance of assets, liabilities, and equity.

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