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The December 31, 2014 balance sheet of Myers and Myers, prepared under generally accepted accounting principles, follows (This problem requires knowledge of present value calculations.
The December 31, 2014 balance sheet of Myers and Myers, prepared under generally accepted accounting principles, follows (This problem requires knowledge of present value calculations. Refer to Appendix A.) P3-8 The differences between present value, book value, and liquidation value Liabilities and Shareholders' Equity Assets Cash Short-term investments Land Buildings and machinery Total assets $ 8,000 20,000 80,000 16,000 $124,000 $10,000 Current liabilities 14,000Long-term liabilities 20,000 Common stock 80,000 Retained earnings $124,000 Total liabilities and shareholders' equity
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