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Santa Fe Company was started on January 1, Year 1, when it acquired $8,600 cash by issuing common stock. During Year 1, the company earned

Santa Fe Company was started on January 1, Year 1, when it acquired $8,600 cash by issuing common stock. During Year 1, the company earned cash revenues of $4,400, paid cash expenses of $3,050, and paid a cash dividend of $600. Based on this information, which of the following statements is true?

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