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The comparative balance sheets and an income statement for Raceway Corporation follow. Other Information Purchased land for $ 1 1 2 , 5 0 0

The comparative balance sheets and an income statement for Raceway Corporation follow.

Other Information

Purchased land for $

112, 500 .

Purchased new equipment for $

97, 800 .

Sold old equipment that cost $

134, 420

with accumulated depreciation of $

116, 420

for $

18, 000

Issued common stock for $

46, 000 .

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