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The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, 20Y8 Dec. 31, 2017 Assets
The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 2018 and 2017, is as follows: Dec. 31, 20Y8 Dec. 31, 2017 Assets Cash $60,610 $74,580 Accounts receivable (net) 93,130 100,540 Inventories 133,030 124,630 Prepaid expenses 5,420 3,780 Equipment 271,010 223,270 Accumulated depreciation-equipment (70,460) (54,760) Total assets $492,740 $472,040 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $103,480 $98,660 Mortgage note payable 0 141,610 Common stock, $1 par 16,000 10,000 Paid-in capital: Excess of issue price over par-common stock 223,000 133,000 Retained earnings 150,260 88,770 Total liabilities and stockholders' equity $492,740 $472,040 Additional data obtained from the income statement and from an examination of the accounts in the ledger for a. Net income, $157,410. b. Depreciation reported on the income statement, $34,230. c. Equipment was purchased at a cost of $66,270, and fully depreciated equipment costing $18,530 was discar d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without pena e. 6,000 shares of common stock were issued at $16 for cash. f. Cash dividends declared and paid, $95,920. Required
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